scenario: one camera is shooting continuously, the other is only shooting specific short clips.
you will need to cut back and forth between the two cameras, so in the editing lab, you will need to line up all the little clips to the point in time that that occur within the master shot.
the worst, and sometime only way to do this is to manually sync each clip, by finding a point within the clip to be synced and searching the master shot for it, and then using the waveform to match everything up... repeat for each clip.
now if you happen to have shot digitaly and each clip is a seperat file than this process can be slightly improved...
by using the date created time in the clips metadata, you can jump right to that time in the timeline and place the clip
unfortunately since the time only goes down to seconds and not frames, each clip could still be up to 24-30 frames (forward) out of sync
but this at least this saves you from having to hunt down the sync point for each clip.
now it seems to me that it would be plausible for this to be automated, i'd love to know what you may know that i don't yet know
Not sure what you are asking but I cant see anything wrong with the way you are doing it.
Of course the way you are doing it assumes that you WILL use the entirety of the Overlay Clip. Maybe incorporate the Source Monitor and In /Out Points to your workflow.
What can be done is when shooting ensure that cameras both are running Free Run TC and get them as close as possible to each other ( the difference is the "TC offset" and useful to know once established )
Cameras without that facilty probably mean doing it the way you are already. Eye matching synch within a couple of seconds is no big deal really.
I have heard of a thing called Pluraleyes. Maybe worth you looking at for automation. ( Ihave no experience of it at all)