I'm considering a move to FCP as I am a long time Premiere user. Within PPRO one can utilize a technique called eyematching in which you can change the timecode of a clip to match a specific point to an audio reference. I.e. I have the audio on the timeline and have marked a specific reference point on the timeline (word or phrase). I then find the same point in the video clip and assign the clip timecode to match the point in time line. From that point on whenever I place that clip anywhere on the timeline it will be in perfect sync with the audio (i.e. music video editing). Is this possible and fairly easy to do in FCP? Thanks.

You can change the timecode of a clip to whatever you want, but in your case I'd advice you to create a multiclip out of the audio file and whatever video clips you have. You can sync clips in a multiclip based on in- or out-point, timecode, aux timecode 1 and aux timecode 2. Aux timecode 1 and aux timecode 2 are auxilliary timecode tracks which can be assigned at random without loosing the precious real timecode. They won't help you would syncing though, unless you're using them in the multiclip scenario.