I tried what you just suggested and noted that when I deleted the video footage layer that was imported from FCP as a QT movie, the error message disappeared.
Obvious adjustments have to be done to the footage. One thing I did note is I right clicked on the footage, went to Interpret Footage > Main & noted the frame rate is at 0.01. The frame rate I have have used in all my Compositions has been 29.97. I changed it to 29.97, but it does not change it and I