Well you should take a look at Mespotine's Ultraschall LUA libraries. I'm not a programmer, but even I was drooling a little.
From what I remember of the last time I used the script* there were some difficult UX factors that I'm pretty sure I wrote about in detail in this thread.
One of them was setting a render region. I think that if no time selection exists, then it should render the entire project up until ~10 secs after the longest item in the project.
*I stopped because 50% I haven't had the need and 50% there was some intrinsic difficulty in how it operated.
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