And I've hit another snag.
The screenshot shows you where I am now.
First I am thinking replace is not the way to go because everything I can find talks about getting text from the clipboard or selection but I really need to be able to input my own string, hit enter and let it continue.
Second, and this is the new snag... once I have created the clip, the key combos of cmd+1 and ctrl+alt+shift+N sets focus to the library browser then selects the next clip (which will be the new one just created). Here is the problem, if I were to use cmd+N, it will create a new blank project. What I have to do to make the project from the selected compound clip would be to right click the clip > new project (which makes the new project using the selected clip), cmd+v (to paste the name copied from making the clip)