Thanks Bob. Judging by the quiet on this I guess it isn't done that often... :)

Export your video as one giant clip.

If you want to handle dissolves, then you'll have to do things a little differently. e.g. export 2 different clips.

2- Export and EDL.
Vegas has 2 EDL export options. I would go through scripting and export an EDL that way.

You only want the timecodes for cuts.

3- In After Effects, you just manually type in the timecode. And then hit the shortcut that splits the track into two.

This is how I did it anyways... haha (for FCP-> AE anyways, I think it would work for Vegas). You might want to break things up into scenes.

4- Check that your superwhites aren't being clipped in After Effects.

5- I don't think I would bother doing all this for Vegas because the color tools in Vegas are pretty good.

e.g. You can create masks in Vegas and manually keyframe their movement. Remember to feather the mask like crazy. If this doesn't work, then doing motion tracking in AE probably won't work either.

Another option for CC in Vegas is AAV color lab (which is free), just google it. Works in both 32bit and 64bit. Between it and the native Vegas tools , they may supply all or 99% of your needs. You might just need to play around with some more chaining/tracks. For example, for a highlight glow, make a duplicate track and set it to screen. Use a secondary to key the highlights and use the blur in AAV. just my 2c.

Have you checked out Cineform Firstlight?

http://www.cineform.com/neo3d/first_light.php

Basically the idea is that you if you put your footage in the Cineform avi (or mov) container, from there you just correct in First Light and it adjusts color on the fly so that whatever you use to play back that footage will show the adjustments. It can be Vegas, it can be Windows media player, it can be After Effects. The coding is extremely efficient and precise. You run First Light concurrently to your editing application. You can have adjustment files for the individual clips or groups of clips all at once. You can do several alternate sets of changes if you want. All adjustments are 10 bit even if you use an 8 bit application. Pretty incredible really. Not exactly what you're asking for, but maybe what you actually need.

"...invest in a copy of The DV Rebels Guide by Stu Maschwitz."

^ this.

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buy/watch this:
Absolute Training for Vegas+DVD, Vol. 4: Color Correction, Enhancement and Image Restoration (Glenn Chan & Douglas Spotted Eagle)
http://store.vasst.com/store/sony-vegas-training/absolute-training-for-vegas-dvd-vol-4-color-correction-enhancement-and-image-restoration.aspx
(best cc time-investment available)

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check out what can be done using a workflow of AE + Vegas:
REVOLVE
http://www.zapiks.com/kitesurf-revolve.html
(original link by DSE)

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"Another option for CC in Vegas is AAV color lab (which is free)."

^ this. ^ this. ^ this. most used tool after 1cc for me... i only ever use the 6-way feature but use it almost every time/day; the viewable chroma/luma feature is great.

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I'd say stay in Vegas and go in/out of AE as needed... but I'm comfortable using Vegas, super lazy, and have no need to change (currently).

Doing standard CC should be quicker in Vegas to get all the basics done (range, cc1, chroma adjust, simple masks, 2cc). For detail cc work, or being able to maintain higher bit depths... AE. And there's lots of plugs in AE not available in Vegas.

(more copy/paste than real answer, but good luck)