24p with FCP 5.1.4 -- yes you can
 

While I always encourage folks to upgrade applications -- the plain fact is that I know many who can't afford to upgrade to FCS2. And, for those who only use FCP, the upgrade seems very expensive.

Now that 6.0.2 is out with 24p support -- do you need to upgrade. No.

My "Sony V1-FX7 Handbook" has complete instructions on how to remove 2-3 pulldown. So you can continue to use 5.1.4.

What about Avid Media Composer and Xpress Pro HD? After much effort -- I finally gave up. Likewise with Avid Liquid and Premiere Pro CS3.