It would be really useful if you could use the Cut Tool to use linked geometry to cut objects in host file.
Example
You link in the Structural Engineers model into your file containing the wall cladding. The floor structure overlaps the stud layer of your wall cladding. If these too objects were in the same file you would just use the Cut Tool to remove the stud layer at the intersection with the floor. It would be good if the Cut Tool allowed you to do the same by selecting the geometry in the linked file to make the cut.