Highlighting text in transcript selects range on the timeline

Originally posted by Carlo G, with 13 votes at time of migration.

It would be great if highlighting text in the transcript could somehow correspond to selecting a range of time on the timeline. 
It's great that clicking on transcript elements take you to that part in the timeline, and awesome that transcripts can be edited.
Our workflow is centered around the transcript. If we don't like a section of content, we often reshoot the content based on what we read in the transcript.
It would be great to be able to highlight the text in the transcript that we need to reshoot, and have that selected text correspond to a selected range in the timeline, so that the markers/comments can be created for that range and flow through to the editing software