An idea to implement MLV to MP4 converter is quite natural. As soon as you have raw footage, you will finally need to do raw processing and save the result. This is quite complicated task, because it involves a dozen or more operations and it takes too much time. Unfortunately, in the Fast CinemaDNG Processor software there are no own means to do encoding to MP4, but one can do that compression of processed frames via external FFmpeg.
Fast CinemaDNG Processor software can do raw processing with super high performance on GPU, actually in realtime or even faster, and after that external FFmpeg can encode processed frames on CPU. You just need to open your raw footage, define parameters for raw processing on GPU, and set path to external FFmpeg software to implement final encoding on CPU.
Full version of FFmpeg you can download from www.zeranoe.com. Then you need to install it to your PC and set path to ffmpeg.exe in Options dialog of Fast CinemaDNG Processor software.
To start encoding with external FFmpeg, you can utilize the following command line:
You can utilize h264 encoding as well, but please bear in mind, that there are some limitations on output resolution, and you won't be able to do such encoding for arbitrary resolution of your footage.
Full version of that pipeline is implemented in Fast CinemaDNG Processor software. Please visit www.fastcinemadng.com to download the sofware.