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If you've already been edting, you can try to leverage the Proxy workflow to attach Apple ProRes proxies; however, be sure to use Proxy > Attach Proxies... and not Proxy > Create Proxies.. and you'll have a challenge when it comes to exporting because you'll be using the proxy workflow in reverse. The Create Proxy process only has presets for 1280x720 Apple ProRes422 Proxy. Using Attach Proxies, you can convert all of your MP4 clips to Apple ProRes422 (LT) in Adobe Media Encoder and then attach those. When it comes to exporting, Premiere Pro always uses the Full Resulution media - which it will mistake your MP4 for that. As such, you'd have to make the MP4 offline in order to force Premiere Pro to use the Proxies.
Or...
If you haven't done a lot of editing, go to File > Project Settings > Ingest Settings..., enable Transcode and use Match Source - Apple ProRes 422 (LT). With that set, PR will transcode anything you import to ProRes swapping the MP4s for the corresponsing MOVs as you as you work.
Quick note on 422 Proxy, 422 (LT), 422, and 422 (HQ): If it's for social media or the web, I'd go with LT. If it's for broadcast or cable, I'd go with HQ. If it's something like a documentary, go with LT and then bump that to HQ later if needed. The picture quality of 422 Proxy, 422 (LT), 422, and 422 (HQ) is the same for a first generation transcode; however the peak signal noise ratio goes from shallow to deep across those options - shallow being subject to the most compression generation loss during future rendering and deep being subject to virtually none.
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