For anyone interested, I built a little local file creation tool in vb.net and put it on our local user group website here: http://www.ramlug.org/?page_id=187. It works in both 32 and 64bit environments.
I allows you to configure your default local folder and some standard "central file renaming" (ie. replace 'central' with 'local', add your initials, the date). It will also allow you to automatically create local subfolders. It also keeps track of the central files you access in a list. There's a help file included to walk you through the initial configuration and use.
Basically it replaces "close local file, navigate to the central file, right click copy, navigate to local folder, delete existing local, right click paste, rename, open, get back to work" with "close local file, open the app, pick central file from a list, click the button to Create Local, get back to work". Just a little something to make life easier.
Please forgive the "branding" - it was the compromise I made to be allowed to make it public...
If you do try it, please leave a comment on the website or here. Hope you find it helpful.
(I've attached the HELP file to give an idea of what it does and how it works.)