Yes, I guess it would work, but obtaining splits with split-second precision would be very difficult to achieve. I just found out that others on the net found the same drawback for this method. What I was looking for is something like what is described here
http://www.ehow.com/how_8690780_split-videos-vlc.html but those dialogs seems to have changed since may 2011: The "Partial extract" / "Enable" seems to have been re-labeled to "Show more options", "From" has probably been renamed "Start time", but there is no matching "End time".
Now that I am looking at how the dialog is working, I see that the "Start time" spin changes the value of the :start-time edit option below. A little search on the Net shows me that the corresponding option for the end is :stop-time. So I edit the edit options to the values I need (counting in seconds isn't as easy as counting in minutes:seconds, but a little math and I get my desired value), and I hit "Convert / Save". In the "Convert" dialog which opens now I enter an output file name, and hit "Start". Very disappointing results: I get a new entry "Streaming" in the Playlist, and no output file at all.
Am I on the right track and if so, what am I missing?