Timecode Offset (Frames): defines the technically possible delay between the EDL and the QuickTime file (due to hardware related components). Leave the value at "0" as long as there is no measurable delay.
Allow Dissolves: enable this if you want dissolves in your sequence. When enabled, you will have to set the dissolve tolerance for the GPI triggers. A tolerance of about four frames is recommended. Please consider possible delays when switching manually (physically), so there might be an issue when doing cuts. This setting prevents live:cut to have them appear as fast dissolves.
Timecode Server:
Just In (recommended option): live:cut uses the Timecode of its first connected just:in mac or just:in linux Channel as the Timecode source.
Computer Time: for testing and demo environments or if you don't need or have an external TC generator and intent to work on a single machine.