I know the answer, but you wont' want to hear it. We all know that the LH works without Kernal panic's, and you are having this problem. I have seen this problem. Do you know how to solve it? Your OS has become corrupt, and to "quickly" get rid of this problem, you need to do a CLEAN INSTALL of your OS (you are on 10.4.11, which means that you started LONG AGO with your dual 2.7 G5, and have gone thru many upgrades). Wipe out your boot drive, start from scratch, and your problems will be gone. (Easy for me to say).
If you feel like buying another internal hard drive for your MAC (they are cheap), you can leave your system running, and overnight, do a clean OS install on a second internal drive. Then, the next night, install your FCP and AJA drivers. Then boot up on this drive, and you will see that you have no problems. Then you can move your FCP projects, and graphics files over from the other drive (but make sure to do CLEAN installs of your actual applications !!!!!).