It would be more efficient to have the clip edit functions(especially delete) on the main right click context menu vs having to navigate to the Edit sub menu. I typically use the delete key but when I am holding an instrument I am using one hand to operate Sonar and the extra movement can be annoying. Would be easier to just right click-->delete.

As long as we're thinking about usability, how about a click combination (I have extra buttons on my mouse, or I could press the scroll wheel) to generate a custom context menu where we could perform any function where the cursor is located?  A "User Click" menu if you will.
 
As screen sizes continue to grow and multiple screens become more common, I think moving the cursor from button to button or pane to pane will take a higher toll on workflow.