Hi bikebloke - with imovie 6 you can have more than one project open at the same time. You could create a new project, and then select and drag the clips from the open original project to the open new one, dragging directly from one Timeline to the other. That would bring over the title clip and transitions as well, and should avoid the extra 'space' at the end, though not sure about that small black segment.
Whenever I have extra space at the end of movies, usually caused by importing a music file that extends beyond the video clips, and then cropping that music to fit, it has no effect on the actual playing length of the video. I am not sure why yours apparently does not stop at that point.
