You're a little stuck; VideoFactory isn't very powerful in this area. Pan/Crop can only be applied to events individually so if you want to use it on more than one clip you'll have to set it up one each one separately. Alternatively you could render all your clips into one new single .avi file, then load this file into a new project and crop it. This still doesn't handle the zooming in problem though.

Take two:
You could create a still image in any photo editing software at 654x480 pixel size. Draw the border you want around the edge for cropping purposes and then set the color in the middle to transparent. Save this file as either a .gif or .png file with transparency. Load this image on to the overlay track and stretch it out the whole length of the video. This takes care of all the cropping all at once and prevents zooming. It's rather cumbersome though and doesn't let you change the cropping unless you create a new image for each different crop.

Take three:
If you have VideoFactory 2, take a look at the Cookie Cutter effect. This "punches a hole" in your video, although you can reverse it to have the hole filled with the video and the outside around the hole empty. You can set the hole to any size of a variety of shapes. You can also apply this to the entire track instead of to each clip individually.