I've released a new version of this tool at shift-e.net/tools. Please start to use that, and let me know if you run into any problems. This site will remain online, but all future development will happen on the new site. Thanks!
This tool takes an EDL as input (paste it in), and converts it to Avid DS Subtitle format, which is one of the two formats you can supply to Avid's SubCap effect. Once you paste your EDL into the input field, you'll be presented with options to exclude certain locator colors, or to add a prefix or suffix to the title text for any given locator color. For example, if you wanted to add " - NEW" at the end of every green locator, you could do that.
Remember to Commit Multicam Edits before making your EDL!
If for some reason your EDL doesn't produce the expected results, please e-mail me a copy so I can take a look at it.