I know HS2 is gonna hate this, but that \1 "feature" is something that is going to go away in the future. I promise you that. So, I do not recommend anyone else to build up tools relying on that horrid mechanism.
Why must this "feature" go away? It is flat out dangerous. For example, let's say, in the build window, you do a "grep" through some files for a string, and accidently search through some object files or executables. There's a pretty good chance some of them will have ascii 1 in there, and slickedit is going to try to execute whatever "command" follows. This is fairly innocuous, since usually the text will not be a valid command, but what if the text immediately following the \1 is "del *.*".
We make every effort to maintain backward compatibility with our API's and how SlickEdit works release to release, but some places, you have to draw the line.