Problem syncing sequence and clip settings for no-render editing

I shot some footage using a Canon Powershot SD450 point-and-shoot camera to see what the workflow would be for a point-and-shoot. Based on what FCP is telling me, the footage is 640x480 with a square pixel aspect ratio and 30 fps. I have my sequence set to the same settings (NTSC 4:3, 640x480, square pixel aspect ratio). However, the sequence still requires me to render the clips, and it renders the clips by stretching it horizontally and zooming in slightly. The closest I can get to the way the original clip looks is 720x480 (NTSC DV 3:2) and pixel aspect ratio of NTSC - CCIR 610 / DV (720x480), but I'd rather not alter the clips at all.

What am I missing here? Any help would be appreciated.

Using FCP 5.0.
 
That format is not supported for rt playback. You'd need to first convert it to DV NTSC.

Noah
 
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