No actions dealing with setting region to loop or time selection or both are available in the actions list.
I resolved this conundrum with a macro using X-Raym's scripts
Quote:
X-Raym_Move edit cursor to start of region under play or edit cursor.eel
Time selection: Set start point
X-Raym_Move edit cursor to end of region under play or edit cursor.eel
Time selection: Set end point
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Cursor must be placed within region first
And then cfillion
suggested another script by Thonex "Set time selection to region at edit cursor"