Final Cut pro 7 10 Bit Rendering

So if I do 10-20 etc renders of a timeline and I then delete the render files in their folder, returning the timeline to un-rendered clips with a red line indicating a need for rendering are these clips in the timeline now exactly the same as the original 12 Bit media I am importing from a footage folder in the first place? When FCP first imports source media from a source footage folder am I just looking at a presentation of original source media until I render? Basically what im trying to say is does it return 10 Bit rendered media back in to the original 12Bit source files when I reverse the process in this way by deleting the render files after several FCP renders have been done? Is it like a reset button?

My plan is to take an XML across of the project to After effects will that work? And if i delete the renders in fcp will i be left with a 12bit un-rendered timeline that i can export as an XML. I need to know if I delete the render files do the clips return to 12bit on the timeline reversing the processing quicktime will do, allowing me to then make an XML from it that will have the same properties as the imported source footage, cause im assuming when fcp imports its just making a link to wherever the source footage is on my computer and not doing anything to it until I render...?

Thank you, You have been very helpful. That's great news! I hope you got that 500 back from the work you where able to take on from the better workflow!