fcPrefsManager

The oddly named fcPrefsManager has been released as a 1.0 app.

fcPrefsManager provides functions to easily manage and backup all you Final Cut Pro preferences. A unique function creates deployment droplets allowing you to copy settings to other systems without the application installed.

You can read more about it and download this free app here. They even have a handy online storage calculator to calculate how much space a given amount of a given codec requires.

I haven't tried it but I like the idea that it can do it's thing without having the app installed via droplets. Luckily, it's free because a simple function like this isn't hard to replicate with a basic AppleScript.