The efficient arrangement of cut clips in the timeline window is dependent on how quickly the user can identify those clips. I suggest creating a separate workspace window for listing and naming cut clips separate from the timeline window. Cut clips from the timeline could be dragged into this window, named, and dragged back to the timeline as necessary. This should better organize projects with dozens of cut clips and allow for much more efficient project composition.
The clips in the Cut Library (rename as you will) would simply reference starting and ending times of segments of clips in the main Clip window, so it's basically for organizational purposes. Rather that having a library of cut clips in the timeline, where they could potentially be played, the Cut Library window would segregate them so they could be easily added back to the timeline as necessary.
Please let me know if this sounds like a useful idea. I'd like the public's feedback before submitting the proposal to the dev mailing list. Thanks all.