Hi,
Made notes on your instructions:
"I am a little confused by your procedure. You launch iMovie from the applications folder{= yes, did this} not the Theater, while holding down the Option and Command keys, and then selecting to delete preferences. {=yes it worked}
Once iMovie is launched, you should click on the Projects button, that will take you to the projects browser screen where all the projects are displayed with thumbnail icons. {= yes, got that } When you click on a displayed project's icon, you will get a view that shows you a timeline along the bottom with clips in it, and a preview screen. {yes} Select a video clip in the timeline {= the clip is made entirely of photos --there's no 'video' --but it runs just fine as a clip}(not a photo), and the speed button should become active. "
when i select a clip ; either one frame or the whole lot, the speed button is still grey out = i read somewhere that there's a bug in the program [?????]
Not sure -- might be something i did or didn't do [?????]/ or perhaps a bug????