How do you create very low quality, small file size Proxy MXF P2 AVC-Intra files that retain time code?

Posted by dpavid 
Does anyone know of a way to compress native MXF P2 AVC-Intra files to a low res proxy that retains time code?

I want to compress the video to a very low res (the lowest possible, youtube quality or worse) that retains time code. I then will use something like dropbox and mirror image the FCP project for edit by someone else. Sending them a hard drive is out of the question.

After the edit is complete, they will send me back the project file so I can reconnect it with the original high res media for distribution.

This is what I have been testing:

  1. Import footage via log and transfer.
  2. Use Batch Export to make copies of files. ProRes Proxy works but the file sizes are still way too big. A 5GB file drop to 2GB but its still too large. I tried Offline HD Photo JPEG but its hit or miss on the time code. Some files retain it and other don't. Why? So weird. The file size is perfect though.

Is there a 3rd party software that can take my native MXF files and convert them to a very low res with timecode? I saw Avid converting the original MXF files to a 35:1 compressed version at NAB. 750mb file dropped to 5mb and retained time code. that's exactly what I need.

Anyone have experience with this workflow? How do I do this in FCP! Thanks in advance.
Media Manager. Use the RECOMPRESS option, and choose OFFLINE RT. This will retain all metadata.

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