As it currently stands, this isn't meant to be used as an online/offline proxy solution, right, it's more of a 'confidence check'? With the h.264 file starting before and ending after the raw, and having no option for timecode (unless with the 5D3 there is a way of ML 'reading' camera timecode I don't know about) there's really no current solution for re-conforming offline proxies to online raw in post, cierto? Not to mention filenames are different. But the h.264 file can be set to inherit timecode from the camera clock which ML has more than frame-accurate access to no?
Finishing a shoot, popping the SD card into a laptop, editing, and reconforming and processing only the needed ML clips would be quite the treat. The only camera that does this well for me currently is any DSMC2 body from Red and even then it's on the same media as the raw file which is less convenient. The lack of a simultaneous proxy solution was the one thing that kept me from buying an Ursa mini pro. Would be delightfully humorous if ML ends up being able to do this