@DeepHurting suggests producing a video with burned-in subtitles here. That’s going to allow a lot of control over appearance. As exciting as that all is, I want to restate the current focus on producing a SRT subtitle file as the end product for the first step. It’s going to define (a) the final script, (b) the definite timing, and (c) suggest the speaker for future projects.
I’ve checked out the options, and SRT seems like a fine choice to start. It is quite limited in certain regards, but that works in our favour. The file is human-readable in a text editor, so easy to transfer into something like Adobe Premier. Its limitations include bottom-centre alignment only and non-standard support for markup (like italics and colours) that not all players will understand. Both of those are completely acceptible, IMO.
Here is an example of the SRT subtitles, rendered by MX Player:
10
0:00:23,000 --> 0:00:26,700
<font color=“red”>[Tom] Incredibleness not guaranteed.
Offer not valid outside the continental United States</font>
A blank line separated each subtitle. The file I am using here is THE INCREDIBLE PETRIFIED WORLD (1959) S.T.Fr. (optional).mp4 from archive.org. I think this is the one suggested by DeepHurting.
BTW, I’m still learning accepted subtitling practices. It looks like the name of the speaker, as well as any descriptions of actions, are in all caps, so It should be “TOM:” and “ALL PUSH UP TITLE” for example. I feel adding the speaker explicitly at this point is necessary for (a) the colourblind, and (b) players which do not render the colour.