I don't think there is a way to capture straight into FCP from a Flip camera because of its proprietary codec.
I'd recommend against a drag and drop from the VD100 folder because the video starts in an MP4 wrapper and FCP has to render it before it will play it. And for that matter, you'll often have to re-render every time you make a change on the timeline.
The best thing to do is use
MPEG Streamclip to convert the MP4s to QT movies using the ProRes codec at a 1280x720 frame size.
Then, your FCP sequence should be set to ProRes at 1280x720 30p. But FCP should automatically adjust to the proper sequence settings when you drag your first clip down to the timeline.