I am also running into this issue with playlists vs chapter playlists (using CS4). I noticed your posting in the hopes of finding a solution but since no one had one I made up my own. Although it is too late for your project, hopefully it will help someone else.
I noticed that each chapter can have its own End Action and I also noticed that the previous chapter command only works within a timeline. Therefore I created a small blank chapter at the start of each timeline whose End Action points to the desired target (presumably the start of the last chapter of the previous timeline). Now the key is to make all of the standard link traversing of your flowchart to utilize the SECOND chapter of each timeline (since the first chapter is this dummy “jump previous” chapter).
Hooray! Now I can work on clips with autonomy by using separate timelines for the various contributions in my compilation and then create forward and backward playlists by changing the End Actions. It is a kludge but appears to work; lemme know if it works for you.
-Rob