Yes Gary.
You can capture at low res. allowing you to fit more on your system. Make sure you label your tapes carefully. Edit your sequence. When finished you can export an EDL.(Edit Decision List).
When you bring the EDL into FCP, it will ask you to put your tapes back in and will only capture what is required to recreate your sequence. I’m even led to believe that it can recreate all of your transitions and color corrections etc.