I seem to be having a similar problem, though I am working with Final Cut Express HD, and I cannot seem to locate the options you spoke of here. I have the camera connected to my Intel iMac through Firewire. Then, I have the camera connected to my TV via RCA cable. I do not have any drives daisy chained, but I do have an external firewire drive attached to the iMac. It has the video files on it.
Any ideas?? I could really use some help here. Thanks.