Best Pproject settings for 1280x720p mov

Hello. I have tried most of the templates but I have come to the conclusion that FCP 7 cannot process the new type of media that comes from small Digital cameras that produce HD 720p video.

I would be grateful if someone can give me guidance on the correct Project and Sequence setting for this type of file.
The media info of the file is:-
Format : MPEG-4
Format profile : QuickTime
Codec ID : qt 2007.09 (qt /CAEP)
File size : 60.8 MiB
Duration : 21s 421ms
Overall bit rate : 23.8 Mbps
Encoded date : UTC 2017-05-12 15:18:45
Tagged date : UTC 2017-05-12 15:18:45

Video
ID : 1
Format : AVC
Format/Info : Advanced Video Codec
Format profile : Baseline@L4.1
Format settings, CABAC : No
Format settings, ReFrames : 1 frame
Format settings, GOP : M=1, N=15
Codec ID : avc1
Codec ID/Info : Advanced Video Coding
Duration : 21s 421ms
Bit rate : 23.1 Mbps
Width : 1 280 pixels
Height : 720 pixels
Display aspect ratio : 16:9
Frame rate mode : Constant
Frame rate : 29.970 (30000/1001) fps
Color space : YUV
Chroma subsampling : 4:2:0
Bit depth : 8 bits
Scan type : Progressive
Bits/(Pixel*Frame) : 0.835
Stream size : 58.9 MiB (97%)
Language : English
Encoded date : UTC 2017-05-12 15:18:45
Tagged date : UTC 2017-05-12 15:18:45
Color range : Full
Color primaries : BT.709
Transfer characteristics : BT.709
Matrix coefficients : BT.601

Audio
ID : 2
Format : PCM
Format settings, Endianness : Little
Format settings, Sign : Signed
Codec ID : sowt
Duration : 21s 421ms
Bit rate mode : Constant
Bit rate : 768 Kbps
Channel(s) : 1 channel
Channel positions : Front: C
Sampling rate : 48.0 KHz
Bit depth : 16 bits
Stream size : 1.96 MiB (3%)
Language : English
Encoded date : UTC 2017-05-12 15:18:45
Tagged date : UTC 2017-05-12 15:18:45

Hope this info will help

Thanks for looking....