I'm not certain but I think 1:00:00;00 is the default setting.
If you are curious about this ...
With FCP not running, launch FCP Rescue and BACKUP your settings. (this will make a copy of your current preferences so any custom settings will not be lost.)
Now TRASH your preferences and Quit Rescue. (This deletes all your user and system preference files. They will be reset back to the system defaults when you start FCP the next time.)
Launch FCP and go check the time code start in timeline preferences. Does it start at 1 hour?
If you want to get back to your previous settings, quit out of FCP, open Rescue and click on the RESTORE button.
have fun.
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