Simple answer, no.
But for a fairly quick way to do this, even in CS4…
Right click on each individual clip and select nest (or create a keyboard shortcut if you have a million clips). What this does is create a new sequence for each clip.
Then open Adobe Media Encoder, import the Premiere project, and using the control or shift key, select all your sequences. You now have yourself a batch encode for each clip.
Vince Becquiot
Kaptis Studios
San Francisco – Bay Area