More specifically suited to your needs (although Video ReDo is great and I use it from time to time) is the MainConcept MPEG Pro HD v1.05 Adobe Premiere Pro Plugin.

This is what is said about it:

MainConcept MPEG Pro is a full-featured MPEG editing solution for Adobe Premiere Pro. Although Premiere Pro will import MPEG-1 and MPEG-2 material, it does not offer native MPEG editing or smart MPEG rendering. This means that MPEG data needs to be converted to another format (such as DV) for editing, and each frame must be re-rendered even if no changes have been made. And if your target format is MPEG, you'll need to convert your finished project back to MPEG. The MainConcept MPEG Pro plug-in eliminates these limitations and turns MPEG-1 and MPEG-2 editing into a productive, high-quality workflow.

I have this but have not had time to try it out yet (uni ends in a few weeks). Hopefully you can make some use of it though.