There's a right way and there's a wrong way. You may get away without converting the frame rate but your results will be unpredictable AND the quality of the frame rate adjustment that FCP will make with this workflow will probably not look as good as doing this properly in compressor. If you decide to go the compressor route, be sure and set the retiming to best in frame controls.
Replacing the footage after conversion should not be that difficult. eyematching and using the gang function to confirm that you've matched the shot correctly goes pretty quickly.
The gang function? never heard of that.
Set framing to BEST? Not sure how to do that. I choose under VIDEO SETTINGS, DVC PRO HD 720P60, with a frame rate of 59.94. Didn't see an option for BEST.
After conversion I need to reconnect media. does the GANG function help in reconnecing? I will have to look into that!
gang allows you to lock the viewer and canvas together so when you move one, the other moves the same amount. To match back your footage, you find a frame with a clear difference from the previous frame, for example when someone blinks. You then find the blink on the new source file in the viewer and then turn on the gang function It's the center thingamagic at the top of the canvas. You then jump around the shot in the canvas and make sure the movement in the viewer matches. you then find the in in the canvas and mark an in in the viewer, etc and replace the shot. If this isn't clear post back.
In compressor in the frame controls panel, you enable frame controls and set the rate conversion to best.