Same here. I've done this for podcasts (not in real time) and it works great. TV should be easier in some ways since the video stream and captions can also indicate an ad.

I used to find when listening to a good many podcasts with VLC there would be:

> ... See you after the break.

brief pause

> And we're back ...

Unfortunately, most ads are now burnt in. The 10 second advance will skip through them, but as it's usually the host parroting the ad text and it's easy to over shoot.