Well the beauty of the insert edit would be the ability to fix a typo / drop-out without laying the whole show off.
Blackmagic should be able to give you an answer as to whether the HyperDeck RS422 is supposed to control a VTR, or be controlled like a VTR (or hopefully be able to swing both ways).
Workaround would be to crash record and modify the timecode of the QT the HyperDeck makes to match your desired start.
Otherwise you would need to get timecode out of FCP7 into the HyperDeck. FCP7 does not support RP188 (TC over SDI), nor is it likely to in the future.
You could output LTC from an audio track and feed it into something like this to insert it on the RP188. Very cumbersome workaround though.
I’m with you on real-time outputs versus rendering to file. Bonus is you get to watch it through as you make the master.