Russ,
I've just read your post and that is exactly same the problem I am having. I find it interesting that the item you wanted to select ('M') was the 7th item down in the current view and what got ('G') was the 7th item in the list starting from the currently selected item. This is what I meant when I said "...it's as though FM is discounting the distance between the previously selected item and the edge of the scroll pane."
Just for my own sanity, can I ask, are you using a HP of some kind?