The Playback Range tag already supports more precision than you are requesting.
14.0.55 (08/21/2009)
NEW: Playback Range field is user editable to allow custom cue-in and cue-out points.
NEW: Playback Range field accepts high resolution times like '1:22.343344 - 3:21.3902013'. (still accepts low resolution times like '1:22 - 3:21' or simple millisecond numbers like '82000 - 201000')
Use Chapterfy from jmone's
Swag of Tools to create Particles for each Playback Range that you require.
Download a chapter txt file from
ChapterDB.org to use as a template. Create "chapters" for your cue points.
Use Chapterfy to automagically create Particles from your txt file.
If you use the Series and Season tags, you can give your original video and the Particles the same Series name. I just put =[Name] in the Series tag. For the Season tag, you can use Original and Edited. Create a view similar to how TV is displayed. You will be able to select your video and then watch either the Original or the Edited. Note that the Edited will have a small break between clips since each Particle is treated as a separate video.