I have been told this information before, so how is it possible that I have a 4K pro res video, I import it to FCP7, drop it to a new sequence, say 'YES' - the sequence is now in 4K resolution, I do some edits and export and the exported file is a 4K file?
If you drag a 4K clip onto an empty new sequence the latter should conform to the clip's resolution and settings. Emphasis onto the "new empty sequence" part. Make sure the clips are converted to ProRes.
Which version of fcp do you have, is it 7.0 or 7.0.3?
Bear in mind that there may be issues as, as I mentioned, 4k is not really supported in FCP 7
1) My camera is Lumix-GH4 so how would you recommend me going about log and transfer because right now FCP7 is not allowing me to log and transfer the native footage from GH4 - is there a plug in like for the Canon 5D?
2) My workflow now on smaller scale projects is: take the original GH4 footage - transcode it to ProRes 422 LT, Import to FCP, create a 1080p Sequence, drop and edit - export and for some Transode to .mp4 ... Many editing experts told me that there is no visible difference between ProRes 422 LT and 422 and HQ if I am not doing any VFX/graphics/green screen, just pure documentary form videos. Would you agree?
Sorry I couldn't tell you if there is a plug for Final Cut Pro 7. I would have to do research myself since I stopped using Final Cut Pro 7 awhile back.
This is true that there "should not" be any visible difference for the eye when viewing the original transcoded footage. ProRes LT is good if you are limited to bandwidth and hard drive space. Great in a Broadcast environment or a off-line to on-line process. ProRes 422 will most closely match the original image quality. ProRes 422 HQ is more in the direction RED, HDCAM, or HDCAM SR... overkill for DSLR.
I would go with ProRes 422 unless you are running on low drive space.
Yes you can natively edit with h.264 in FCPX. But the nice thing about FCPX you can import your footage and transcode your material to; optimise and proxy (in the background) then you just switch between the different formats with a click with no relinking.
But back to your question I would do a test if you see a difference in transcoding your footage in ProRes and downscaling it... in FCP7 or your transcoding tool of choice.
So your delivery is 1080, do you even need to edit with 4K material (punch in..)? It always good if you ca offered a step less in a workflow.