FO to Top HF Research (MO?)?

It really comes down to perspective. In the conventional sense, yes this is more of a MO role than FO. No question. But that standpoint is only pertinent if your desire is to eventually become a Research Analyst for a PM. If that's the case, you may be setting yourself back a couple steps by taking this role.

On the other hand, if Data Analytics & Intelligence in a financial markets framework is of interest to you, then this could be a great place to start. Especially with the evolution of the industry through technological means, one could argue that your role may be poised to be the "prototype FO role" (i.e. Quant Funds) as technology begins to progressively play a larger part in the investment process.

In essence, I wouldn't view this as purely MO vs. FO. Moreover, you should ask yourself what you would find more interesting, the direction you'd like to take your career in, and the ripple effects/operational longevity of such a decision.