You would need to use a script. Add a clip on the timeline, put regions where you wanted the sub-clips from, then create a script that would make one sub-clip for each region. Now replace the first clip with the next clip and run the script again to create sub-clips from each region. It would be much faster that way.
If you don't want to write your own script, the "Extract Good Clips" tool in
Excalibur could actually do this for you. Not sure if there's any free scripts out there that does this particular task.
Edward Troxel