[Kell Smith] “Good idea? Bad?”
You might get better performance compared to a compressed format but you are not getting any extra information that wasn’t in the file in the first place.
[Kell Smith] “It would be nice to send it to Resolve, but from what I am reading this could be a headache with transitions and time remapping.”
Probably. You could try exporting an XML of your sequence and conforming that to Resolve and see how it looks.
[Kell Smith] “What’s the best workflow for color correction in this situation?”
If you want to use Resolve you could export a master file from your whole sequence and use the scene cut detector in Resolve to find most of the cuts and add the rest manually.