If you have a manuscript quality DOCX (i.e. what the writer/copy editor created) and you want MOBI, convert it directly.
Definitely not via PDF and only via EPUB if you discover you need to edit the XHTML markup code.
But I'm wondering if it's a Fixed Layout book (think Vanity Fair style magazines) created with something like InDesign or QuarkExpress, they can be very hard to convert.
BR
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