You can convert your file to sv8 (it's lossless) and then use the mpccut utility to split your file. There is no correct way to cut a sv7 file.
I would also like to cut an mpc image of a cd into separate tracks. I tried converting it to SV8 and the resulting file is 2mb smaller (106mb SV8 vs 108mb SV7). Is that normal? Seems like a relatively large reduction in size for a simple lossless conversion between the 2 variants.
... is there a winamp plugin for the sv8?
Also is there an automated way to cut the resulting mpc SV8 image using a cue file? Manually using the mpccut and entering start/end samples for each track would be quite the proverbial pita.