I have been using Final Cut Pro 7 for projects for quite a few years now, and, even after using it for this long I was not aware that it couldn't handle MPEG-2 files and derivatives (I guess it just never came up...). Recently I started working on a project and foolishly transported it by converting the clips into .m2v files through Compressor. Now I can open the project, fully edited, for about a second before it crashes. I ran it through Pro Maintenance and it said that the crashes were due to the aforementioned .m2v files.
I guess my question is: Is there any way to salvage my project? The only thing I can think of at this point is to use MPEG Streamclip to convert all of the .m2v files and then start again from scratch. I would really like to not have to do that.