Suppose you have a project of a few small events based on one huge media file. Want to derive corresponding small separate media files, just the minimum needed for each clip, so the huge original can be ignored or deleted. For example select an event and say "cut out the section of the media file needed just for this event and save it as a new file (of same type as original)"

Any suggestions of best approach?

Reasons: render speed (NeatVideo etc takes ages) and disk space.