No, convert FEL to MEL will cause visible quality lose in FEL capable device.
See https://www.avsforum.com/threads/dune-p ... t-60582530
MEL image is 10-bit 4:2:0 subsampling, while FEL is 12-bit 4:2:2, I think.
Real 10-bit RGB or 4:4:4 panel can use dithering algorithm to imitate 12-bit color, so there will be a visible quality lose.
I think most DV compatible TV support MEL mp4 through their internal player.
If you really don't care about FEL, Apple TV or any iOS device is capable of MEL playback.
See around viewtopic.php?p=123899#p123899
I personally use iPad to watch MEL, since its portable and I can watch it on bed. (Yes Im very lazy)
Some people here would disaprove this, but by now, iOS devices can play MEL (iPad pro 12.9 1600-nit) and dolby atmos 7.1 audio (eac3 through AirPods pro spatio audio). See https://developer.dolby.com/platforms/a ... e-support/. If you are as lazy as I am and don't want to spend extra money, this should meet your expectation. But still I would recommend proper FEL capable device and physical 7.1.4 sound system for the most prime watching experience.