Are you cutting directly out of Corel? Our second shop uses Flexi to send files to our Roland, but I know that I had to set up the contour cut swatch in the X4 for our work flow. It has to be added to the spot color pallete for work flow. Here's how you can do it.
Create a rectangle and fill it with your CMYK values. Select your rectangle and go to WINDOW-COLOR PALLETES-CREATE PALLETE FROM SELECTION on the menu bar. A dialog will open asking you to name and save your pallete. I saved mine in the default location with an easy to remember name (contour.cpl). Now your pallete will open in your workspace.
Access the pallete options using the little black arrow at the top of the pallete. Go to EDIT-PALLETE EDITOR. Now you can rename your color to match your old spot color. I have to use CutContour (case specific). After clicking OK. Use the menul bar to go to WINDOW-COLOR PALLETES-COLOR EDITOR. Open your spot color pallete if it is not already opened. Click the ADD COLOR button. A new dialog opens asking for you to select a color. Use the pulldown to navigate to your newly created pallete (ex. contour.cpl) and select your CutContour color. Click the ADD TO PALLETE button at the bottom and your color will be added to the spot color pallete.
Now you can access the new color using the spot color pallete and your Roland will recognize it correctly. I hope some of this helps. I know its frustrating trying to get a job out on a deadline and running into software issues.
Haha.. Ariel answered you while I was typing and he does it more efficiently than I do it.