I hate working with subtitles and avoid it like the plague. You may want to inquire over at videohelp.com and see if there are a few masochistic individuals who’ve manged to master this process.
They have quite a few different subtitle tools to choose from, virtually all are free. Its sort of like offering free bludgeons to hit yourself in the head with.
In the meantime, I’m going to move your thread to our Video Editing forum, and bump it up at the same time.