RED Workflow for FCP7 iMac 2011

Hi,

I'm about to start cutting a feature on my 2011 iMac and I want to double check my workflow plan. I just want to make sure we'll get best performance with best quality transcoded material.

1. Footage is shot on RED.
2. Footage transcoded to ProRes files using RED Rocket.
3. ProRes files will be stored on external hard drives with Firewire 800.
4. Finish edit using ProRes files.
5. Reconnect timeline to point to raw R3D files.
6. Have 3rd party color correct timeline using raw R3D files.
7. Export to final format, 1920 x 1080 ProRes.

My computer:
2011 iMac
3.1 Ghz Intel quad core i5
16GB Memory
1 Firewire 800 connect
1 Thunderbolt connect
Mac OS X, version snow leapord 10.6.8

So, I have a few questions:
1. What is the best transcode format/combination to use for optimal editing performance for a "feature" on a "2011 iMac?" Which ProRes format, 422, 422 LT, 422 Proxy? And size, 1920x1080 or 1280x720?

2. Will multiple Firewire 800 drives be fast enough to work with all that footage or will a thunderbolt drive be necessary?

I'm just concerned about performance with it being a feature and want to make sure the offline file formats are chosen properly from the get go.

Any thoughts? They are greatly appreciated?

Mike

Thanks for the response Jerry. Since my last post, I discovered I'll need to use offline files of no less than Prores 422. They want to send off "cuts in progress" to interested parties and they want it to have a higher quality.

I've cut plenty of projects using 1080 prores HQ files with no problem, so I'm hoping we won't run into any issues. I was just concerned with this one since it was a feature with a lot of footage to work with. If need be, I may have to purchase the LaCie Thunderbolt to eSata HUB, and use a couple eSata drives. Either that or they purchase a 4 to 6 TB Thunderbolt drive.

See any issues?

Thanks again!
Mike