I'm almost positive you'll need to update FCP 4.5.
I believe only the 24" screen is SWOP certified so if you're looking for color accuracy, either get the 24" iMac, or a 20" model then spring for whatever external display you like. The latest iMacs can do screen spanning without hacks so you may find this works well for you as you can keep your main work on the main display and have all your toolbars, etc., on the 2nd screen.
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