Handling 500 GB of footage and then the FCPX project files

Hi - I am working on a project where I have roughly 225 videos that together total roughly 500GB of footage. All shot 1080px.
This footage covers the hand production of a bass guitar. My intent is to take this nearly 30ish hours of footage and wind it down into a 10-20 minute video that has the footage sped up significantly.
Knowing that the FCPX files will be significantly larger than the raw footage, I am trying to figure out how to handle so much storage, and am also wondering if it is wise (my guess would be no) to have all of the 225 videos in one project.  I suspect that the 500GB will become more than 5 TB when in a project?  I could be wrong. I am a novice FCPX editor.
Any guidance is appreciated.
Thanks in advance!

Something's a bit off with your ciphering there.

Just transferred 11.25 hours of R8, S8, & 16mm movie film in ProRes 442 which generated 715 GB of base data. All the footage was shot under cranked which meant before export it had to be retimed 88%, 84%, and 75% for proper motion playback to get rid of the Charlie Chaplin effect. Retiming expanded total run time to 14 hours with combined files size, again in ProRes 442, to 978 GB.

The only way you can reach 5TB is if you create boat loads of render files which, I would surmise, is unlikely in a 20 minute final. Had the client wanted a 4K capture it conceivably might reach the limit you mentioned.
- - - - 
And for those of you wondering... This is what a quality film transfer looks like. Straight capture. No grading. No nothing. If the client complains something's out of focus I point out that if you can identify film grain then the image is as sharp as it can ever get.

"Knowing that the FCPX files will be significantly larger than the raw footage..."

Aren't you simply going to edit the raw footage? What is the "FCPX files"? Just use the raw footage, it's not going to take up nearly as much storage as you think it will. What format is the "raw footage" anyway, h.264?

It will only ballon out that big if you create optimised media and create proxies, plus a whole bunch of crazy effects which might create a lot of render files. . Even then I can't see how it would get to 5tb.

Do you import the footage into the library or check 'leave files in place' when importing?
Im in the process of editing a 12 camera 1.5hr Multicam project. 1.79TB worth of footage and my project file is only 200Gb.

Thanks for your responses. They got me thinking in the right direction to understand how my wife had been handling media import.
A couple things that I didn't understand.
1) My wife was copying files to the library. I am going to not do that.
2) the .fcpbundle doesn't grow in a 1:10 ratio with footage as we presumed (from our evaluation of 100 or so very short videos). Those videos used footage of 3-6 minutes in most cases and didn't use more than one piece of raw footage.
Looking at some small video projects that my wife has been working on, we had seen a 1GB file produce a .fcpbundle file of 10 GB. This is what caused me pause as I was starting into a project of a different nature.

1. I copy files to the Library 100 percent of the time. Why not? I don't need them anywhere else. I don't keep the files from the original location, why would I?

So what exactly is your source material? What format, what camera? Most sources can simply be used as is without the need for optimization or proxies. Also turn Background Rendering off, NEVER turn it back on EVER. That makes a bunch of unnecessary files. No, FCP does not automatically bloat up file sizes that much, unless you don't understand how to use it and make a ton of extra stuff you don't really need.

Thanks for the thoughts everyone.  

It was the proxy and render files that were space hogs.  The current file is 4.25 GB with about 8 hours of footage.  I haven't added titles or transitions yet. But, the suggestions here helped to get my settings right.

Gracias!