[Leonard Levy] “The Panasonic FAQ says that firewire can carry timecode, so I assume that it is an FCP problem in “uncontrolled device” setting which is how you capture in the “Capture Now” scenario.”
When you use the “non-controllable device” setting you lose timecode. Why not try using the “DVCPro HD Firewire” device control setting?
[Leonard Levy] “If you can’t get the camera’s timecode, do you know how to set a new or alternate timecode on your clips in FCP?”
Go to Modify>timecode, and change the value there.