How should I break out individual Acts from an entire performance?

Question

I've successfully assembled multiple video clips and separately recorded audio into a master timeline, of a community (Chinese) New Year's show lasting 1½ hours.
I want to break out portions of that to polish and post on youku, use as a single source clip in a different project, etc.  Suppose, as a concrete example, I want to work with Act 7, and have identified the mark-in and out points.  I used a marker with a duration to remember it.
I suppose I could copy just that 10 minutes to a new timeline (If I could figure out how to do a non-point selection), vertically across all tracks, and start editing that: adding intro, cutting out boring parts, bringing in other assets like a logo.
That's the essential effect I want, but would very much like it to be still referencing the Master.  Then, when I improve the audio or color balance of the entire thing, or add more assets from people sending in their footage, I get the updated results in the Act 7 timeline as well, even though I've cut out or re-arranged sections and it's not a single unbroken match to the original 10-minute span.
In particular, my immediate concern is to make a rough draft of the Act 7 video, before going back to reduce noise and tweak the color.
What's the right way to do this?

Answer 1

like jim says, if you shrink or expand the edit in the nested sequence, it wont automatically shrink or expand the nest in the master timeline. you will have to adjust it manually.  so if you cut out a speech, it wont automatically shrink or adjust the sequences on the master timeline.
Then what did he mean by “Any changes in the Nested Sequences will then be carried into your master sequence.”
What kind of changes, if not edits?  I thought that meant the length of the nested clip will not change but its contents will, in the same way as a media file on the master timeline.
I think nobody is understanding what I asked.  I'll clarify with an illustration:
Example for Planning Workflow
My Master Real-Time Timeline contains
⋯ blahblah ⋯ [1111112222333333444444555555] ⋯ blahblah ⋯
with several tracks.
Step 1: I want to copy the labeled range (between the [⋯]) to a new timeline, which I'll call Act7ver1.  Then, I'll edit it
iii2223334444445ooo
(adding clips for intro and outtro, and cutting parts out of the original),
choose which tracks to switch between and what times,
add any effects.
If this were a nested timeline, it would show up the edited way in the Master as well.  Not what I'm asking.
Step 2: Receive additional video clips and add them to the Master, and add a new audio track that cleans up the original audio.
Step 2b: Revisit Act7ver1.  Master's changes to source clips would show up in any timeline that uses them, so copy/paste in step 1 would be fine.  But adding new tracks that are aligned with the same time range?  I'll want to use the new audio track, and decide if I want to cut in any of the new video angles.
Step 3: Copy the same labeled range(between the [⋯]) again to a new timeline, which for sake of the example I'll call Act7ver二.
It will contain the entire unchanged range, not the cut-up version from ver1.
I'll edit it differently, keeping more of the talking between the music, which are exactly those parts cut out of ver1.
Different intro, etc.
Step 4: Some time later, I'll copy a part of the range to a new project.  Since this is a tutorial, I'll switch between the different mic, mix, and edited sound tracks to illustrate the difference.  That is, all the tracks are available, not just the normal presentation copy used normally.  I don't expect to be changing the original anymore, but I like to keep the option of having the various uses see the updated version or keep the original, which is a special case of seeing new tracks present and synced.
If I save over the source file, all uses see the new content.
If I "replace clip", and the replacement is not a complete length of the original (the audio is original is 97 minutes, but I only remix one 8 minute act) it won't line up.  Putting the new mix on the Master Real-Time is my solution, especially in light of (4) showing the before/after as part of the script.
So ideally I want the "smart object" I pasted in the first place to see whatever is currently in the Master at the position it refers to, including tracks that were not present before.
Understanding thus far
Simply selecting the original range and turning it into a nested timeline will not do what I want.  But, maybe a more advanced use of this feature?  ⋯ later:  Hmm, maybe it is?  Editing the timeline selects pieces of the elements without modifying them.  I see a new feature highlight discussing source-edit mode and acting like a copy/paste so all the tracks show up.  But I don't know if this is indeed just a cut/paste or a smart object that still allows updates to the definition (of the timeline being nested) to show up in this usage.  It sounds difficult to reconcile changes to what's on the various tracks.  Anyone explored this new feature and have more than a superficial review posted?  (What I've seen just shows that the tracks show up "like a copy/paste" but does not explore changing the referenced timeline or limitations of editing the "pasted" track’s content.)
Adding a track to the Master won't show up in the nested timelines, but there are not a lot of them so if it is straightforward to razor it at the matching places and pop them in explicitly, that's fine.
More Thoughts
What about a script that can generate a new timeline from a marked range, across all tracks that might be present?  Then it can be re-run just as easily if the Master changes, and I don't need them to automatically follow any changes: I'll push changes explicitly.
The underlying issue is getting new content into the various projects, synced up at the proper position, even if I have to explicitly grab it while editing the project.  The new track has to line up properly with the clips being used.
Ad Interim
For this current project in progress, I can add a dummy track for the future cleaned audio, and get it into the nested timelines from the start.  Then saving over the file or a replace-clip can take care of it later.
Intended Workflow
I need to produce a passable first draft of each Act quickly.
Then, do further work on materials that are not necessarily neatly contained within each Act, but cross through them, and are not the exact same start-time and length as any existing clip.  It seems natural to do this on a Master Real-Time timeline.
Easily incorporate the new or updated material into the Act timelines, and continue editing the Acts.
then later,
Use the material in other projects (a mundane use of nesting, esp. with the new feature, is fine here for normal uses.  The aforementioned video documenting the different steps is a special case.