Links within paragraphs

The current way of creating links within paragraphs seems a bit clumsy. Here's what I would love to see:

  1. Select a word or words within an existing paragraph (or h1, or li, etc.)
  2. Click the "Link" button in the little toolbar at the top of the page
  3. Add URL and click OK
  4. This automatically converts the selected text into a link component that appears in the Overview panel
  5. I can select the component and edit the target attribute in the Options panel

Would this be possible?

+1 ?

+++1 ?

++++1 ?