Best way to handle new projects from old

I have a project that is too long and I want to create another project using a part of the original. The "middle"  portion of the project is a logical extraction point and I want to use that as the basis for a new project. I have duplicated the existing project as a backup. Should I also create a snapshot? Should I make the middle portion of the project a compound clip?

Reading Apples documentation with Parent Child relationship makes me wonder if there is a better way to accomplish this? I have not done this sort of thing and do not want to lose what I already have. I just want to be able to pull out one section and use it separately and use the two remaining sections as a shorter project.

Any input would be appreciated.

Rich

I'd do a simple duplicate (not a snapshot), rename the duplicate, then in that new Project, remove what you don't want.

Snapshots only severe the ties between compound and multicam clips from parents. If you don't use either in your current project, you don't need a snapshot.

Thanks Ben