Loop by selected media item

This would mainly be useful for audio / sample editing, which I have found reaper is more than capable for.

The problem at the moment is looped areas can only be based on a time selection. However, if I have a media item that has more audio and I extend it, I have to change the time selection to make it fit.

This is more relevant when stretching or shrinking audio. Would be great if the looped region could automatically adjust to the media items new length.