You can setup per-application hot keys in the taskbar driver, for rotate left/right, click, click and rotate, and I think double click. If I can remember correctly, you can also set how many key-presses are applied for each signal received from the knob. It worked out really nicely.

I'd rotate then click to set a start point, double click to set the end point. I think then I'd use the regular keyboard shortcut to cut/delete the selection. The click+rotate was a little hard for making a long selection, so I set that to around 30 frames advancements.