I cut like this all the time. I put all my shots in one timeline and pull selects by moving the takes and bits I want up to another track. Then I will make a select timeline that I edit from to my sequence timeline. I started cutting 35mm film on a flat bed, so I like having all my footage laid out in a row. Once its in the timeline its rare that I ever go back to the footage bin. I also like being able to just drag the clips from the select sequence to my edit sequence. Its a very fast and efficient way to work
I am also considering a new camera but when it comes down to it, anything you buy will be out of date technology within a year or two at most. Before buying I would suggest renting through a site like http://www.borrowlenses.com. Their prices are very reasonable for multi-day rentals and you have the option of trying before you buy. That said, for me it really comes down to the glass. Camera change but good lenses are forever
Thats how I started. I was probably one of the last group of assistants to come up cutting on a KEM flatbed. Cutting on a flatbed is all about being creative. There is no software to master, just pure editing. Becuase of the cumbersome nature of working with 1000' rolls of film it really made you take your time and think about what you were doing. Also, clients had to pay attention and make decisions you couldn't just whip out another version without getting a dupe made of your work print. I would never want to go back but there are some things about the process that I do miss