How to convert canon xf305 footage (50Mbps MPEG2) for working in FCP7?

Hello Everyone!

Thanks in advance to anyone reading this. I will be renting a Canon XF305 and a Canon XF205 for a 2 camera shoot. The camera records in 50Mbps MPEG2 codec. I have never worked with this before and am trying to figure out how to convert the footage so I can edit it in my FCP7.0.3. I am working on a MacBook Pro from 2012 with an old operating system OS10.8.4, which I know makes things complicated. In my MPEG streamclip I do not see an MPEG2 option. Would log and transfer within FCP work?

I am assuming I should convert the footage to AppleProRes422 for FCP7?

Many thanks in advance to anyone who has any advice.

Kind regards,
Robert