Next month I'll start editing a project shot on 16mm film with Final Cut Pro X. Can anyone suggest some best practices for breaking down reels in FCP X? Do you create an event for each reel and then mark your favorites from there? Is it even necessary to break down reels? I will also need to share this project via XtoCC, so if anyone has some hints on how to smooth that process out I'd really like to hear them.
It depends on how you want to organize your footage. Be sure Reel information is assigned to the clips you import (check via inspector). Then you can separate them out with a Smart Collection based on Reel name, while they all live in the same Event. You may want to put some reels in one Event, and other reels in other Events.
Depends on the content, and how you want it organized. But you're not stuck with having to only use Reels, although for reference I'd use Smart Collections and Reel Names anyway. But also use Favorites, Keywords, etc, to organize the content within each reel.
There's no set standard way to organize digital media. Give it some good thought, write it down first, come up with a good scheme, go form there.