[Shawn Marshall] " I don't believe the hard drive is dropping frames because the video will play back smoothly on the desktop if I set the video playback to None."
The problem with that Shawn is that with the Io or a Kona attached, it forces FCP to handle every frame every time, something that is not being forced when you are just playing back in the canvas/
Does it still playback when you set your timeline to Safe RT?
You say it works correctly when you use a fully rendered file- your clue is - the machine is not processing the content fast enough to handle the thruput needed in realtime when any rendering is needed.
is your scratch storage on your array on just in your users folder ( which may not be fast enough)
gary adcock
Studio37
HD & Film Consultation
Post and Production Workflows
Inside look at the IoHD