[Edwin Stevens] "The raw files are no longer on the P2 card"
You did back up the P2 cards?
There is only one way to ingest P2 into FCP 7. Log and Transfer. Converting to Pro Res adds no benefit.
Here is the correct tapeless workflow for FCP 7.
http://library.creativecow.net/ross_shane/tapeless-workflow_fcp-7/1
Thank you Shane for creating this tutorial.
Steve Eisen
Eisen Video Productions
Vice President
Chicago Final Cut Pro Users Group