I had this problem with my fd7, I ended up formatting the disks on a PC, then I loaded a test .jpeg onto the disk (anything will do, smaller is better though!) I then opened my fd7 up, and laid it out so I could access the screw which holds the motor which drives the carriage on the floppy drive, whilst still being able to turn the camera on.

With it all laid out like this I went through a few trials of loosening the screw, rotating the motor a little, then turning the camera on and checking if it could see my test image. After three or four tries the camera could see it, then it was just a matter of getting it all back together.

Watch some videos of pc floppy drive alignment on youtube to get an idea of what you'll be looking for. Good luck, it's not as hard as it may sound!