Using an iomega ego with footage from my HMC-150?

Any Firewire800 drive will work "well enough" for editing in FCP, but the big difference from your G-Tech drives is that this is a consumer-grade drive, and the G-Tech drives are enterprise-grade drives, designed to be operated continuously for a long period of time. You're not saving much money over a 2TB G-Tech ($150ish for this drive, $210ish for the built-to-last G-Raid).

My 2 cents: I wouldn't get the cheaper drive for a marginal difference in price.
 
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