Mike,
I don’t mean to be contrary, however …
First of all, if you chop it up on the timeline you can doubleclick on each segment, which puts the original clip into the Source monitor with the appropriate in/out points set. From there you can drag it to the Project panel, creating subclips.
Option 1. – Please note that Project Manager trims DV AVI but not other formats, like HDV.
Premiere Pro CS3 allows multiple bins open at the same time. If Lsbells is moving to a new platform, hopefully it will be to the latest software.
I highly recommend Scene Detect on capture when there have been a lot of starts and stops. It allows you to capture the entire tape and then throw out the clips that are garbage. And to easily sort shots as Great, Good, OK, and “no way unless desparate”.
Please note that HDV will not scene detect in Premiere Pro so a free third party app (HDVSplit) comes in handy.
So to answer the original question, feel free to cut on the timeline if that is your preference. Doubleclick each section and drag from the Source monitor to make a subclip if desired.
Steven
https://www.stevengotz.com