I did some fansubbing a while ago on the german "Premutos" Gore-o-rama.
For the timecodes i used the "Koalaplayer" which has an inbuilt subtitleeditor.
http://www.koala.pl/Index2.php?page=KoalaPlayer&lang=en
It´s not hard to use at all (just mouseclicking till your fingers bleed), but it´s time-consuming like hell.
I´ll never do such a job again, i promise!
Took me almost 2 afternoons to set the timecodes......so i wish u good
luck and strong nerves with this!