Apple Final Cut Pro 5 - Manual (Page 1121)

334 Part II Project Interchange
5 Control-click the current timecode field, then deselect View Native Speed from the
shortcut menu.
Note: When View Native Speed is deselected, the timecode field is no longer italicized.
6 In the Viewer, move through the clip one frame at a time using the left and right
arrow keys.
Final Cut Pro now increments the timecode at the frame rate of the clip, ignoring any
speed adjustments. This timecode is not accurate to the timecode of the media file, but it
allows you to see the timecode counter increment each time you advance a frame.
If you want to see the actual source timecode of each frame of the media file, leave
View Native Speed selected.