1) Create a root folder called Mp_Root on an external drive, USB stick, SD card… (probably works with a disk image as well, though I haven’t tried it)
2) Inside this folder create another folder called 101PNV01
3) Copy your .mod files inside the 101PNV01 folder and change the extensions to .mpg
4) Restart iMovie. It will now detect the external drive as a camera and allow to import all the clips using the date created/modified info as timestamps for perfect cataloguing. iMovie does NOT re-encode the movie files, you retain full quality. It simply puts them in a .mov container and creates the thumbnails.