Yes, you keyframe the Motion parameters so it goes from one side to the other. The distance between the keyframes will determine the speed -- the width of your screen is fixed, so the longer you make the travel, the slower it will be. The image will need a transparent background, so it will either need an alpha channel (ie. in a format such as TIFF which can handle an alpha channel), or you'd need to make it a multi-layer Photoshop file so that you can turn off the background colour within FCP.
A black or white background on the image can be keyed out with a Luma Key, but it'll look very dirty, and the key will probably knock out elements in the actual image itself. Not worth it.
www.derekmok.com