I have subtitled entire features before using SubCap- as Pat says, not the most ideal, but it can work. I add a subcap effect to the top layer of the V tracks. Then, with waveforms active on my dialog track, I add edits at the beginning and end of active dialog areas. From there, I use the delete effect button and remove all the in between stuff. Once done, I go into effect mode and enter dialog. I wish the effect would let you loop play while typing, and some other things like that. Sometimes working off the master list works better.
I then export out a DS Caption list with timings, and had a friend create a retimer XSLT file to retime all the captions so I have 23.976, 30 (with pulldown),25fps, etc. I then have another XSLT that makes it into a TAB file and I have a single spreadsheet with all timing for distribution with dialog. I then added character name myself. On on film, I had it translated and the spreadsheet gets that language lined up as a column.
Michal