Easy way to refactor assets into extra blend files?

Hi there,

I need to refactor elements from a blend file (meshes, materials) into separate blend files. The only method I can think of is: 1.) save the blend file under a different name 2.) remove everything that does not belong, and finally 3.) manually replace each local object in the original blend file with a link to the external one.

Is it possible to do that without having to replace all local objects with the link manually?