New feature requests are submitted through topic posts in the Wishlist category.
This feature has been requested in two Wishlist topics that match what you are looking for. Follow the links, vote for the request at the top, like some posts, and add your reply there to support them.
Since Continuous Recording overwrites the oldest footage to make room for the newest, there is no need to have a delete feature.
The current constraints have to do with the way the Continuous Recording is saved to the SD Card. The video is saved on the SD Card as individual one minute MP4 files located in date and hour folders.