Final cut doesn't recognize the Sony HC1, so I must first import my tape into iMovie. Is there any reason to do any preliminary work in iMovie or am I better off just using it as a vehicle to import into FCE?

There is something wrong. FCE should recognise your Sony HC1 as it's just a regular HDV camcorder & is in the list of tested & supported camcorders Final Cut Express: Camcorder support (http://support.apple.com/kb/ht2948)

If you're using FCP7 try this tutorial on Logging and Capturing footage from tape.
Final Cut Studio Overview (http://www.lynda.com/home/Player.aspx?lpk4=54089)

Sorry, I see you're not using FCP7. Maybe the tutorial with shed some light anyway.

Thanks, I'll give it a look.

Both iMovie 09 and FCE capture to the Apple Intermediate Codec (AIC) so it doesn't really matter which one you use to capture. I'm not sure if FCE can read the XML edit from iMovie 09, but if FCE can read the XML file, iMovie is great for quickly skimming and selecting your best footage to create a rough edit. iMovie can also delete all your bad / unwanted footage to lower your storage requirements.