How are you monitoring the FCP audio? Are you using a mixer? Can you simultaneously monitor the mic?
The way I do it is to monitor the mic channel on my mixer at the same time I monitor the FCP playback on the mixer. I don’t think (although, I’m not 100% sure about this) that you can hear the VO tool out of FCP while recording. You have to set up a way to send the mic only to the VO tool input without the FCP playback (mix minus).
John
Dual 2.5 G5 4 gigs RAM OS 10.4.3 QT7.0.3
Dual Cinema 23 Radeon 9800
FCP Studio 5
Huge U-320R 1TB Raid 3 firmware ENG15.BIN
ATTO UL4D driver 3.50
AJA IO driver 2.1 firmware v23-28
SonicStudio HD DAW, Yamaha DM1000, Genelec Monitors