How to speed up rendering/ transcoding in FCPX

Question

It has just taken 8 (eight) hours to render then transcode two hours of video footage, before any editing.
I have two video clips from a Panasonic camera in .MTS form. (1920 x 1080)
To get them onto FCPX I used Handbrake to convert them to .mp4 files.
On FCPX import preferences, 4 items ticked, Copy file to event, Create opti media, Create proxy media, Analyze audio.
I also then clicked stabilization, on both clips.
Machine is a Mac Pro serial # YM******XYK with upgraded video card and 20g RAM (4x 4G +4x 1G)
Using OS 10.6.8
Using USB hard-drive to store original footage, but
onboard hard-drive for event and project
Activity monitor showed most of the time CPU's at 30% use 60% idle and RAM 7.7M used.  13M idle.
There was a short period when FCPX CPU at 750%, however RAM never went above 8M
I know best way to quicken render / transcode is buy a bigger computer,
However would like to know if I can get better % use out of CPU and RAM
It would appear that I did not need any more RAM above 8M, as machine appears not to use rest.
Also, I would like to know if I am bringing footage into FCPX, in the most efficient way.
PS, footage is of a hall presentation. Sound taken off camera mic and camera operator keeps moving / bumping camera. So need to analyze, then optimize both audio and video to make best of a bad shoot.
<Edited by Host>

Answer 1

A couple of points that may work.
Rendering -
     this is only used so you can see the finished 'look' while working on your project. If this is not important, turn rendering off in Preferences. This appears not to affect final output, but quickens work time.
Original files V's Proxy media.
     Working with Proxy media speeds work times and the computer processing. So use Proxy unless the original files needed.
To do this you need all projects in FCPX closed.
In preferences -
          Import, tick 'Create Proxy media'
          Playback, tick "Use Proxy media'
This was for version 10.0.3
Note if you change these preferences while you have an existing project, you can cause files to go offline.
Only a novice, so if someone who knows better, they can expound a better way to speed up the computer processing