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Too late for the sanity thing, but good point. Users will now have a choice!

This works well, but be careful when copying the regular expression to match output: the parentheses need backslashes:
^.+line \([0-9]+\) char \([0-9]+\) of file:///\([A-Z]:.+\)$

As far as "a control character" to specify the cursor point, that's what TextPad does already, and it's good enough. If you *really* want to provide complete functionality, though, you will not satisfy everyone unless you come up with a way to give 'fill in the blank' style clip entries that allow ...