How to properly export OBJ and FBX

I have several models I prepared for Cycles. But I want to share them too as OBJ and FBX for compatibility. I understand that Cycles materials are not compatible with OBJ and FBX at all, right? I figured that I have to bake several textures for AO, Transmission, Diffuse, Normals etc. and make Blender Render materials with them (these are some archvis models that I have and need to prepare for general purpose). The Blender Render materials are compatible with OBJ and FBX right? Please correct me if I’m wrong, or please share some advice on how to fairly accurately transfer Cycles materials into OBJ and FBX compatible version. Thanks.