
So, instead of coming in, whining on the requests forum, I decided to see how the codebase is, and start work on it myself... Goody, the code is actually pretty clean and well laid out. It takes me no more than 20 minutes to get titles to shift correctly using a new 'Smart Subtitle Adjustment' checkbox in the HB UI.
Before:

After:

In this case, the change is pretty small, but it does push the subtitles closer to the border of the frame without destroying its ability to be displayed on a recent HD TV (most have about 0-2% overscan, instead of the usual 5-7% of pre-HD sets).
The next step that I will work on is trying to display the selected subtitle in the picture preview frame... and after that, see if I can implement adjustable scaling of the overlay.