Yes, I opened QT 7 from the Utilities folder. When it opened, the home screen had seven panes titled: Music, Hot Picks, Movies, Apps, TV Shows, Quick Hits and iTunes Match as such:

I simply dragged the video file from iPhoto to the QT 7 home screen (not any Finder Window or Dock). The QT7 File Menu has an option to Open File…, but Like I said previously, it will navigate to the iPhoto Library but not open anything in it. Anyway, after I dragged, the video was in the QT 7 window, but no controls on the bottom as such (yes, it's my son's Track Meet, hence the need for tenths):

1) First off, what you call the "home screen" is, in fact, the "Content Guide." It is "advertisement-like" media automatically loaded from the Apple server that opens in a QT player each time you open/initialize the QT 7 Player app if you do not turn it off in the preferences menu. (I keep it turned off.) The Content Guide is basically a set of "buttons" that can be pressed for more information/to seen the related HTML content. It is not a movie.
2) Unlike MPEG Streamclip, QT 7 and QT X players do not replace current player movie content by loading other movie content which is dragged and dropped to the player. What you did by attempting to drag the movie from iPhoto and drop it to the Content Guide palyer was to take a single frame image from the iPhoto movie and replace the "tvbuttom.mov" file in the resource folder as you will quickly learn if you try to save the modified window. Just think of the Content Guide as an HTML page viewed in a QT 7 Player window. Unless you like viewing the ads, I would recommend turning this preference option off.
3) Since the content you dragged from the iPhoto app to the Content Guide was just a "resource" image, there are no QT movie controls to be applied to the new content window.
When I'm in iPhoto, there is no "Reveal in Finder/Original File" option in the File menu, or anywhere else:

How old is the version of iPhoto you are using? Just checked my Snow Leopard and Lion systems and both have iPhoto 11 v9.2.3 (build 629.52) installed. This is what I see:

The work flow you describe is pretty much how I envisioned it would work (very straight forward), but as you can see from the 2nd screen capture above, there is no "scrub bar" displyed.
But it sounds as if you did not apply the work flow I described. Here is a "quickie" video showing what you should have done: QuickieVideoTutorial.mp4
Dragging and dropping the iPhoto file icon on the "Dock" or "Finder" QT 7 app icon should produce the same result as double-clicking the the movie file icon on the Desktop but opens the file in the QT 7 player no matter which media player is designated as the default player.
