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That is a very interesting situation.
One solution would be to click the flyout menu on the source monitor and have it display "Alpha" rather than the composit image. That may allow your images to be reverse visable eenough to cut them up.
Yes, that would work, but slowly, so what I ended up doing was:
1. Moved the video to the Timeline on top of a white Color Matte, making the subtitles burned into the alpha channel appear white instead of black.
2. Undocked the Program Monitor panel and selected Gang Source and Program so that the Source Monitor will automatically jump to the current frame in the Program Monitor when I pause playback.
3. This way, I can find my cut points with subtitles visible and just use the In, Out, and Make Subclip keyboard shortcuts on the Source Monitor behind it.
Inverting the Alpha Channel Effect may have helped you. in the time line.
Keen to see a screen shot of how your Subtitles look because I am wondering why you have used the alpha channel to produce them.
Why not use a simple white or black title text?
Here's sample images. This forum has some kind of script that displays images and even external links to images at reduced size and quality, so you'll have to open these links in a new tab/window to see the full detail.
I used the alpha channel for the subtitles because Title text in Premiere is blurry (heavily anti-aliased or however you would describe it), even with Sans Serif fonts. At large sizes that's alright, but it makes reading subtitles an eyestrain--particularly on a CRT monitor vs. an LCD, as I understand. When watching DVD subtitles on a software-based player, there's no antialiasing and you can make out every square pixel. So I used AviSynth and VirtualDub to get them into the alpha.
I would have hardsubbed them into the video itself, but I won't be using them in my final output (only referring to them while dividing the video into subclips and also while editing) and I want to be able to turn them off sometimes to see what the picture looks like without the subtitles, as they can get in the way of Effects. I also couldn't use an editor other than Premiere to cut up the video because I want to be able to use subclips so that I'll be free to expand the In and Out points while I'm editing. Nor could I create 2 versions of the video: one with the subtitles and one without (unless there's some way of copying the subclip divisions of one video to another that I don't know about).
Toggling the subtitles off and on, though, is a bit laborious, having to use Interpret Footage to select Ignore Alpha Channel, which has no keyboard shortcut. As for "Inverting the Alpha Channel Effect," I'm not sure what you mean. I don't see any Effect by that name, so I assume you mean Invert Alpha Channel under Interpret Footage, which seems less helpful than putting a white Color Matte underneath the video. Rarely is the video completely white such that I have difficulty reading the white subtitles (black text OTOH is frequently illegible); if it is, I can toggle the white Color Matte track off and switch the video's Output to Alpha to see a plainly visible black text on white background display.