HD to SD conversion with JVC GY-HM700

I'm in the process of purchasing the JVC GY-HM700 for an upcoming shoot that will consist of 5 one hour performances. The final product will be delivered with 5 Standard Definition DVD's. I'm trying to determine what workflow would work best. Option #1: Shoot and edit in HD and down convert to SD with Apple Compressor before authoring the DVD. Option #2: Shoot in HD and immediately done convert to SD for editing. How should this be done? Log and capture in FCP via Firewire from the camera? And finally does the camera have an option in shoot in SD directly to the SDHC cards? I know that's quite a few questions but I'm just trying to plan my workflow in advance!