This has been in Media Composer as long as I can remember-I use it constantly- except that I don't map it to the overwrite key! Instead of turning on the 'blade,' then cutting a track, then turning OFF the blade- I have... Uh... I think it's called 'add edit'... mapped to the keyboard. In my case, F7.
park the playhead where you want to 'razor' the track, and hit ONE keystroke. Then use the tool you prefer to move the segment around. 'snapping' is also not a toggle- it's a key you hold down while moving a segment around. So, you're not constantly turning snapping on and off.




