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I've tried the suggestion but:
1. It really is a substandard implementation - why not simply have a Keyboard shortcut to do the same? i.e. Select text, cmd-K paste - or whatever...
2. In use I've found it not to work - as there seems to be a character limit for URLs. A workaround is bit.ly, but what a faff...

Pretty much a deal breaker as URL handling seems so basic a requirement - was very quick and easy in OPML Editor for instance....