Slightly off topic but might give you some ideas;
As far as my experience goes, I normally prefer to convert to the final format ASAP.
If you really plan to finish in NTSC then it is good to get to NTSC before you do GFX or tweaks.
The Alchemist is nice, but any graphics, or hard grading will degenerate in the conversion.
Personally I find that getting rushes/wilds/source-tapes converted, and then editing in NTSC, and output to NTSC is the best option.
Your 'cuts' will look like cuts too, not mini mixes as what sometimes happens.
You could capture into FCP straight from Alchemist while it records to digital Beta, or NTSC DVCAM backups?
I know a great facility that has done this for me in the past, and they do the NTSC output for me to digital beta too once my edit is finished.
I just bring in a hard drive, they have FCP and roll it out.
Luckily they do DVD masters too so they do the full package after I cut straight from my digital files from FCP.
FC