There are a number of approaches. You would replace the subclip range with a Keyword Range, where the keyword would generally be a 1-3 word summary of the story point. As you apply the ranges to different clips they'll build in the Keyword Collection for that story beat.
If you're going the path of full transcripts, the Lumberjack System's Transcription Mode (with Magic Keyword extraction) would be another approach. That provides Magic Keywords for content, plus keyword ranges for each speaker or paragraph with the transcription in the notes field (searchable). I am one of the co-developers of Lumberjack System, for the record.
Keyword ranges and Transcription in notes carry forward into the Timeline (Favorites do not) and can be reported (with another of our apps Producer's Best Friend).
Philip Hodgetts
Intelligent Assistance Software
Lumberjack System.