I would like an action I could trigger that would insert a try-catch block 
around the selected line or lines of code, indenting the code approriately.

A good start would be just to add the braces and brackets and not fill in any 
exception type, just move the cursor to the catch clause. This alone would be 
very useful. 

However, it could be extended to detect and add exception catch clauses (Not 
worth the effort in the near future):
1. Catch the lowest common superclass of all checked exceptions thrown in the 
code.
2. Create a seperate catch clause for each exception type thrown.