Hi Jerry,
The 'current settings' QT doesn't have to be self-contained - though I do that because I always keep a highest quality copy of the finished edit in QT format for archival.
From my experience, it's faster to compress from an exported QT. Besides, it frees up my FCP while Compressor does its work.
Kai
FCP Editor / Producer with Intuitive Films
http://kai-fcp-editor.blogspot.com
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