I solved the problem today. You’re never going to guess.. ok, you might.
It was the FireWire cable!
We tried plugging in a Sony HVR-Z1U and FCP still wouldn’t recognize that, but we plugged in a LaCie external drive with a difference FireWire cable and that worked without issue.
So, we walked over to our TV studio and grabbed a different cable (different brand) and BOOM! it worked like a charm.
Apparantly, not all FireWire cables are capable of transferring video? None of the 6 cables I had (GGI FireWire-800 9-pin to 4-pin DV Cable – 6 ft) worked. So, looks like I’ll be ordering some new cables!
Thanks for everyone’s input!