My understanding of FMEA is that it looks for individual potential defects, and possibly interactions between defects, and what happens as a result of them; it seems like this effort is more looking at the probability and distribution being shifted by shifting the probability of detecting defects.
FMEA is mostly large sections of "Really Bad", "Not Too Bad", and the desireable "We Can Live With It" for defect outcome classification.
So, you need to understand what defects are coming in and then the probability inspection will fail to catch them and then what the probability those evasive defects will cause a noticeable problem or failure. That part is really no different than any sampled inspection process; even 100% inspection can fail to notice problems.
I will say that typical inspection plans are designed to have a really good chance of detecting defects (they should specify the minimum defect rate they can find.) Going below them is a bad idea without starting to make that evaluation.