Shared dataset multiple reports

Hi,

I have a single data set published from desktop to Power BI service which is from a SQL server.

My goal is to use a single data source to build multiple reports and I have read about using the existing dataset to make a live connection in my multiple reports.

Each report will use this dataset plus a dataset from a SharePoint file.  There is a table merge carried out in the Power Query editor before the data is loaded into Power BI.

So my question is, will the Live connection prevent me from carrying out the transformation step?  Also the shared dataset will have a scheduled refresh so i'm assuming each individual report won't need a scheduled refresh as well?