in qt just export the movie as something a bit more compressed/lower quality. or cut some of the time out..
in fcp just make a project, import the file, cut as needed, then export the qt as whatever will make it fit on 700 cd... both are not really too time intensive... of course i'm saying that based on dual 800 times..
if you need more help just let me know more specifics or someone else will probably chime in i'm sure.
if the qt file is dv... the rerendering shouldn't be necessary... i mean, you'll have to export it which will take a bit of time whether from fcp or qt, but still, shouldn't be TOO bad... a few minutes at most i'd think. though i coudl be off.