Canon 4k Motion Jpeg Question?

Hello, I just ordered the Canon 5D Mark IV which shoots at 500 with Motion Jpeg. I have a fairly powerful computer but I'd still rather transcode it. It has not come In the mail yet but I'd like to go ahead and ask so I know what to do when I get it.

I'd like to keep it high quality, although it doesn't have to be 500. I also just recently came back to Final Cut Pro X from Premiere so I'm not sure which way I should do this.

Should I, before I even open Final Cut, go into compressor and compress it to ProRes 444? Or should I open Final Cut, import it but click "transcode?" If I do the transcode that will automatically put the footage in ProRes444 correct? Again, not talking about Proxy's or anything, just the actual full size footage.

I'm not sure if Final Cut can now edit motion Jpeg native, I think I seen in an update that it can, but even if it can I'd rather edit with Pro Res. I should see no quality loss correct?

I don't think I'd want to edit MotionJPEG natively. No real technical point to it.

Optimize, and it can be done in the Import window, simply transcodes native to ProRes (flavor depends on original). You'd want to do that, leave the original alone. You'll get full resolution and full frame size ProRes files to work with. No need to do it after import. I don't think FCPX will import MotionJPEG natively anyway.

You'd just not want Native and Optimized in the same Library at the same time. Not both at the same time, not sure what the purpose would be. If there is a use for that, I don't know what that would be.

I have a 5D Mark 4. The MJPEG it records in for 4K is a slightly higher data rate than ProRes, but not much. I've never transcoded it upon import. I never really saw a need. Just make sure you have a fast enough SD card and one that's plenty big as well. 1080p video is still recorded onto the card as H.264.

FCPX will import MotoinJPEG natively? That's good to know!

It will if you open the card up in the Finder and just drag and drop the clips in. Never tried it any other way.