I use ffmpeg to do direct stream copies of videos between key frames which looks like this:
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ffmpeg.exe -ss 00:01:36.000 -to 00:02:11.000 -i "input.mp4" -c copy -y "output.mp4"
It would be cool to be able to define parameterized command lines that take information from the current-running video and the current timestamp. You could have VLC run that same command line like so:
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ffmpeg.exe -ss %selstart:hh:mm.ttt% -to %selend:hh:mm.ttt -i "%filepath%" -c copy -y "%filenamenoext%_output.%fileext%"
That would require being able to select a range which I don't know if you can do. You then run the command via menu item or button that you can add to the UI to automatically direct-stream copy the range to a new video file.
I am sure a lot of ideas could spawn from this.