Nathan,
Actually FCP X is the right place for this type of work. You could do this very efficiently and I think you will find the workflow better than FCP 7. In a nutshell use compound clips for your segments and then edit inside the compound clips:
See here my example of a 6:30 show (click for larger versions)
1. My show comes in a 6:30 exactly.
2. I sleet the "body" of the show and create a compound clip of it. Option -G
3. Edit the body of your show inside the compound clip to your hearts content. Notice the area to the right, the dark area, that will show you what content won't be seen. Back out of your compound clip and in your main timeline your show will be exactly 6:30 every time.
You can use this same technique to modify the opening and closing for each episode also. Plus if you have commercial breaks you can create compound clips for each segment instead of one big body.
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T. Payton
OneCreative, Albuquerque