ProRes 422 vs. FCP 5.0.4

Hallo folks,

I sincerely apologize in advance to anybody I may or may not irk with the banality of this post. I know you've heard this topic a million times before, and I've followed your FCP vs. ProRes 422 discussions for a while, but tonight I'm JUST... NOT... GETTING IT.

Ok, here's the deal. The system at hand is the following:
1.67 Ghz PowerPC G4
OS 10.4.11
FCP 5.0.4
QT 7.1.6
Apple ProRes QuickTime Decoder IS installed.

I received a project originating in FCP7 and living (alongside its media) on a Gspeed drive.
Proper XML files (both versions 1 and 2) of the project were included on said drive.
I imported XML ver.2 into my FCP 5.0.4 without much ado-- sequences and bins are there.

The sequence settings in the Browser are as follows:
frame size 1920 x 1080
vid rate is 29.97
compressor is H.264
pixel aspect is square
field dominance is none

The sequence, however, opens into the Nightmare-Red-Render line. I can barely click around on it before FCP freezes up.

There are all sorts of mixed media in the sequence and project.

At first, I tried to change the sequence settings into a dozen different variables, but, every time, I came to a standstill. I finally contacted The Client, yet he said I had it all right-- I merely needed to "just to set the render controls to ProRes422." I see no such Render Controls in 5.0.4, and I feel like a horse's arse right about now. Drive in hand, project imports OK, notebooks full of "HD lessons I've studied online" in the other hand, and one brand new client waiting on my horse's silly arse. Mercy.

I KNOW I'm missing something small, and I know it's most likely going to be something embarrassingly big once someone explains it to me, but... I really don't care how stupid I look in a forum tonight, so long as my client gets what he wants tomorrow. Please help. I'm currently on Boston time, and hopefully there'll be some patient folks (perhaps in the earlier L.A. time) who might have a moment to tell me what I'm simply not getting.

Cheers! xxLN