Jennifer,
The common way of doing this is to pile all the camera shots on top of each other and sync them up via an audio event. Then use the Canvas to make Picture in Picture sized clips by reducing the top clip to 1/4 size and then the next clip to 1/4 size and moving them around until they are all visible in the Canvas.
Most assuredly, you will have to render your timeline first but when you get FCP 5 , this task is mindlessly easy.