Thanks for jumping back in!
I guess that is the old-fashioned (digital) way. I had an internship with a post house where they would have an extra recording of their set audio on cassette(separate of the video,) and I would listen to it and transcribe into Word. The tape players came with this cool foot pedal rig that you could step on to start, stop, and rewind the tape.
For the project I’m doing now, I’m doing “quick-and-dirty” (non-exact) transcribing with Markers directly in FCP. Using the idea outlined in the FCP Lynda tutorial, I intend on taking these markers/notes and turning them into subclips.