Script to create video in standard format?
I'm not aware of any software that does what you are looking for.  The workflow doesn't really fit within a typical post-production workflow, so there isn't really a reason for it.  You can find software that will do things like adding the beginning and ending leads to a video based on meta data, so doing the titles automatically should be possible.  However, actually making automated edits based on timestamps is fairly non-typical.

Generally, the clips are cut in as they are reviewed if you are reviewing that way.  You can watch a clip, set an in and out point and then send it to the timeline.  This way you document the edits and build the sequence at the same time.

Your best bet would probably be to use software for making EDLs (editing decision lists).  If you can produce an EDL with the cuts you have defined in your "script" then software that can process EDLs (such as Premiere) should be able to make use of them.  Normally EDLs are used for transitioning between different editing systems, so it should be possible to modify or create your own EDL fairly easily.