Yeah, it's basically screwed
. When I do replays for my missions, I just set my recording software to record the whole thing, play the replay at 16x speed, and then in post-production, I further slice the replay up into sections and do even crazier time accelerations (~300 times speed) to get through the boring parts. I don't think that really makes sense if you're just doing it for yourself, though.
It always seemed weird to me that it couldn't deal with jumping around in the mission's history. And, in my experience, the replay can really misreport locations of ownship and enemy things. It's really quite a buggy endeavor. My friend and I were working on a very simple mod for DW a while ago, so if you're savvy in computer science, you could probably take a look at the replay file and make your own program to try and sift through the replay quicker. This recommendation is without any knowledge of what that replay file entails. I'm not sure if it has some kind of encoding or not.