Any way to take a subclip & generate a new original file of subclip's length without recapturing?

Question

When I CAPTURE a large length of footage (say 30 mins) and then I import this footage into my Pr Pro CS 5 Project, I will typically extract a section of that footage into the timeline using the Source Monitor.  I will throughout an edit end up using multiple portions (subclips) of this original footage.  Sometimes I will make specific subliclips, sometimes I will just use different instances in the timeline of different lengths.
What I would like to be able to easily do is to then create a new original file for each edited clip so that each piece is not referencing the same full portion of the originally captured footage.  I am trying to create smaller files that are referenced.
In other words, I guess you could say that I am looking for a way to "capture" in reverse?  Rather than having to go back and recapture just that portion that is now edited as a subclip, is there any way to do this easily in reverse? 
It would be ideal if there was a command that took your subclip and simply created a new original file that was now simply the length of your final edited clip or piece in the time line.
I am trying to reduce the size of the original file having to be referenced by Premiere Pro each time to speed up the editing process, but without having to go back and redo the capturing process.

Answer 1

You didn't indicate what sort of footage you're working with, but depending on what it is, you could use the Project Manager to create trimmed clips and a new project file that references those trimmed clips. You could then delete the original media after confirming that what you wanted has actually happened.
Go to Project > Project Manager, select your relevant sequences, and the Create New Trimmed Project option. You want to tick the Exclude Unused Clips option, and set the Handles option as you'd like; this controls how much media is available before the in point and after the out point of each clip. When you've set your options you can click the Calculate button to get a rough idea of how much storage space you'll be saving. Pick your destination and let the process work.
Note that this will only work with certain types of media; for example, MPEG-based assets will just be copied as they cannot be cleanly trimmed due to their interframe nature. Read Adobe Premiere Pro CS5 * Archiving and Adobe Premiere Pro CS5 * Trim or copy your project for more details.