Just another thought - I have an HD-P2 that I've used as my main recorder on DSLR shoots (always behind a mixer - as I completely agree with your comments about the interlocked level faders). I run it without any timecode and I've never really experienced a problem with the "virtual tape" system. Admittedly this may be a failing on my part since I never really read the manual when I got it and instead just jumped right in, but I've never had an issue. I hit record, it records a file (Take 00) I hit stop, and the record, and it records another file (Take 01). If I need to play back I can just navigate to the project menu, select the file I want to play from the list of files in the project, and hit play. I don't however really need to pay attention to the numbers in the timeline and I suppose if you did things would get a bit more confusing, but at the moment it works great for me.
Cheers!
-Mike