You are better off doing the conversion first if you are intending to use a mobi version anyway, because otherwise you incur the conversion time penalty twice. Bear in mind the sticky in the library mgmt forum about PDF conversions and how "well" (or not) they turn out.
I might as a future optimisation for PDFs use one of calibre's PDF libraries to obtain the page count, rather than temporarily converting to epub behind the scenes as happens now.
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