I have been using the Audio tracks a real lot lately. I have a method that works very well for the above problem. Here is a quick and easy way to chop out a bar in a audio track........
1. OK point one is, and I can not stress this enough, You gotta be in correct tempo and you have to make sure Audio track is lined up correctly to the time. So when you go to bar one it is bar one of audio track. Or at least make sure start of a bar in the audio track syncs with the bars in sequence. In other words if you do not line up this will not work very well. People are not always in time, so if you are say cutting up a long song then expect changes in tempo, as no one is a computer and keep perfect time. If it is a huge tempo change then think about adding it to sequence as well. If you are in the right tempo you can adjust start point later (of audio tracks sample) to get around tempo drift.
2. Ok so if you did above correctly then rest is easy as. When in audio track pads go forward and back, and as it is now lined up with tempo and sequence, and so therefore aligned together, then when you go back and forth you will be jumping from bar to bar. Sorted.
3. What you want to cut out a bit?? easy, say you want to cut out 3 bars from bar 25 onwards, out of that audio track. Go to bar 25. Start of bar is aligned to start of bar in audio track. If it has drifted, and tempo does, then move start point of audio track to get it aligned. This might change every time you do this, only a little bit if its humans playing expect the tempo to drift. So get it aligned as above but do not expect that to be perfect with music as tempo changes a little. No big deal.
4. The cut - so this is where you resample from output. Make sure effects are off unless you want then on. To make sure you get just certain bars, then use mute. Simply temporary insert a mute track message at the end. So in above example to get just 3 bars from bar 25, i set sequence to bar 25 and record mute at start of bar 28.
This gives you perfect bar extraction every time and you also have the tempo of the sample.

The only reason i have been using this is because of remix comps i been looking at. It works a treat. So give it a go. You will find a little bit of work like this gives great rewards