A rough edit in FC is a good way to go, then select the clips and use the "send to Motion" command.
Color correction is a bit of a problem. If you color correct in FCP first, you'll lose the correction when you send to Motion, because filters don't make the trip (except for SmoothCam).
But if you wait until after you roundtrip, you'll end up with one Motion project instead of individual video clips.
So what I would do is color correct your clips first, then export and reimport the correct clips and replace the originals with the "baked" corrections. Then send those to Motion.
Not sure about the Light Speed 01, sorry, just don't have enough time to dig into that.