It usually doesn't bother me to just sync clip-by-clip if they're all slated properly. The only time I really rely on the free-run timecode is if I shoot a bunch of video takes and want to sync them up to a single, long audio take. My workflow for that has always been to create a multiclip sequence out of all the clips, which relies on the timecode to arrange all the takes on a continuous timeline, with the appropriate amount of space between them. Then you just need to sync the first shot, and all subsequent shots will be (at least roughly) synced.
Of course, FCPX doesn't do multiclip sequences, so there's no way to do this, even if it could read the T2i timecode properly.
For what it's worth, the Canon E1 plugin is the only method I know of that preserves timecode—I think because it's stored in the .THM files. Premiere may also do it, but I'm not sure.