Interesting concept, but, no. The waveform is created only when the clip is imported to the timeline, assuming that its creation is turned on in the Program Settings. The waveform is saved as a temporary file so that VPX does not have to recalculate the display each time the project is opened.
The only thing that I can suggest is that you do a rough cut and then fine-tune the cuts on the timeline. You can increase the height of the track with the audio to see it better, and zoom in on the timeline. I presume that you know how to extend either end of a clip on the timeline and use the trim tools. If not, let me know.