I learned this from @x42 who was kind enough to write a script to help!
You can set a Lua script as a keyboard shortcut to select the region(s) under the playhead for the selected track(s):
- Copy this script: Select Regions at Playhead
- Save as a new script in Window > Scripting
- Assign it to an Action by going to Menu > Edit > Lua Scripts > Script Manager … Action Scripts. Pick an Unset action and click “Add/Set” button
- Find “Select Regions at Playhead” in the dropdown and save.
- Create a keyboard shortcut by finding this Action under Keyboard Shortcuts in “Editor > LuaAction > …” and assigning it a keybinding
Now you can select a track with Alt+up/down, move the playhead over the desired Region, and hit the new shortcut to select it.