OK. Let me tell you what has worked for me, and this may be the absolute wrong way to do it, but like I said, it works for me.
I had a show that was shot with a few different cameras/angles. Without even takng the new multi-angle feature into account, I set out like I would have any other multi-cam project. I opened a new sequence and synced up all of my sources.
Now for the multiangle. Like you mentioned it can line-up via in/out/or timecode. Well, like you, none of those options were open to me. What I did was to cut all clips at the end of the shortest one. Say cam 1 ends a few minutes before cam2, drag the end of cam 2 to be evn with the end of cam 1. So that in my sequence they all have the same end point. Then click each clip in the sequence and make it a sub clip. (I forget what menu that is in, it may even be a right click option). Then repeat for the other clip(s).
Now back to the bin. Instead of selected the original captuered clips, select the sub clip variations and make multiclip out of those, lining up by the out points.
Create a new sequence, drop your multiclip in, double click it to open in the viewer, set the view/canvas relationship to open | |, and start editing. In terms of cutting and switching, take a look at the manual.
Now you may be asking what to do with the footage you trimmed off of the original captured clips. You can apply the same logic, and just butt one multiclip up tp another.
Hope this helps, but I’m not a very good teacher, so if you have questions, or I just didn’t make any sense, let me know.
-Jay