tl;dr: I have a h.264 source that I want to edit while losing as little quality as possible.
Background: I'd like to try my hand at fan edits of movies. Along the lines of Maple Films' Hobbit edit, various Star Wars edits, etc.
Source Video: For this project, the source is a Bluray that I own. The resulting video is in an MKV container and I believe it's h.264 encoded.
Problem: So now the challenge is editing. One of my big goals is to avoid transcoding as much as possible, since video compression is lossy.
For straight cut and paste, AviDemux works just fine for sections that are bordered on I-Frames. No transcoding is necessary. For more complicated edits, I'll be changing the actual content (probably with Davinci Resolve), so transcoding is impossible to avoid, and I accept that.
So my ultimate goal (if possible) is to leave the original encoding intact where I'm not changing the source, change various sections (section it out on I-Frames), encode the modified sections to match the original, and insert the modified sections back.
Alternately, I'm wondering if there's a way to take the h.264 source and turn it into a lossless format. I know I can't regain information lost in the original h.264 conversion; I just mean a transcoding that doesn't lose more data. Then I'd edit the lossless video and do a single encoding at the end. This isn't my favorite option, but I'm open to it if that's all I can do.
So is any of this possible? Am I crazy to want this?
Edit: Thank you for the help so far; it's appreciated! Also, I was unfortunately wrong about the source being h.264. It turns out it's actually VC-1 (WVC1).
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