4K to Offline ???? FCP 7do this within FCP7

Hi I am trying to edit some 4k material( Apple Pro Res HQ) in FCP7 and I understand I have to transcode to a smaller file offline format. Can I do this in FCP 7 and if so how- or do I need a third party app if so recommendations?

Thanks in advance.

If it's ProRes you don't need to transcode. Just drop a clip on an empty timeline, choose YES to the dialog box that pops up to match your sequence to those settings and you're ready to go, even in FCP7 which edits 4K just fine and dandy.

Sadly my iMac doesn't seem up to the task so would prefer to transcode.
Thanks for the input.

There is no better codec for FCP7 to use than ProRes. If you computer doesn't feel up to it, then your computer probably just doesn't like 4K.