Is it my stupidity or does Vegas have the ability to have a MAIN timeline and WORK timelines for sub-constructs that will be placed in the main timeline?
If not - I KNOW you will have this capability in your next version! :-)
It is BADLY needed, unless I'm just to blind to see where or how it is done in the current version 6.0d
Unlike other application, you can have as many instances of Vegas open as you have resources in your computer to handle it. So just open another instance of Vegas and work there and then cut and paste into your main project. If you added FX at the track level or did compositing of tracks (which won’t cut and paste unless your main project has this too) then do as Nat said and just save the veg file and drop it into your main project as a nested project! You can even right-click on the veg file on the timeline and open the project again and when you return, Vegas will refresh the timeline with any changes you have made. It’s brilliantly simple and way better than a WORK timeline because the nested project acts just like any other event. You can trim it, stretch it, add FX to it. Very, very, powerful.
All this is hardly likely to convince Mr. AllCaps. If you're used to working in a system that manages multiple timelines then managing a bunch of single timelines by yourself isn't going to look very appealing.
Vegas is pretty simple and that simplicity is largely a good thing. One of the tradeoffs of not having multiple timelines in a project is that you can open one instance of Vegas, start it rendering, and then open up a second project and start editing while the first one renders.
Personally, I think Vegas could probably do both - have project files that manage mutliple timelines and yet still be able to open multiple instances of Vegas - AND have a couple of renders going while you edit.