I had a Free Timecode Reader, but sadly It has stopped working since 10.0.4. I don't know if its a FCPX/Motion bug or a deliberate change in the filter I was using for it, but It doesn't longer work.
http://finalcutargentina.blogspot.com.ar/2011/07/timecode-reader-gratuito-p...
I have reported the problem to Apple, but It still doesn't work. Perhaps in 10.0.6? I hope.
Leo Hans
Editor AVID - Final Cut Pro
http://www.leohans.com