Is it possible, perhaps with the correct codecs installed, to import and MPEG 2 that was encoded with the MainConcept encoder directly into Final Cut Pro and edit with it? What, if any, software would need to be installed?
FC officially supports just few MPEG-2 flavors (XDCAM, HDV,..) what doesn't means that can not cope with others.
I think you can cut more of them. Other operations will depend.
Do it in a Prores (or any other editable codec) sequence.
You may have problems with the audio if this comes as MP2. FC can't read it.
If you intend to do more than a basic editing, better transcode.