Pavement management is dealing with the same basic problem as this post about Street Matching. Linear Referencing (LR) is the solution and was probably developed specifically because of pavement management requirements. LR can create any point or line segment using any portion of a linear feature without having to break that feature up. My solution is to maintian a segmented Centerline layer in a standard polyline feature class with a topology that ensures I create segment breaks at every intersection that fully snap together.
Then I have a script that derives 3 things from the Centerlines: 1) an LR Route network that merges all segments for each road into a single route with measures, 2) an intersection point feature class, and 3) an event table containing the route ID and measure of every pair of names in all orders that meet at each intersection. The event table contains fields I can join to other tables (like a PM table) based on a concatenated pair of street names so that I can convert other tables to LR event tables. Based on this derivative data I also have been able to build an application that walks a user through creating human readable limits that the application will convert into the route and measures required to define that segment.
You also should develop some kind of ID system for you PM segments. My jurisdiction uses our maintained road number billing numbers and a numerical segment ID for our PM IDs. It looks like M12345A 01000, where the first part is the billing number and the last part is the segment number. The use of a 5 digit segment number starting at 01000 lets us change the segmentation of the roads and maintain a unique sequential (south to north or west to east) numbering of each set of route limits, so that each set of limits over time is defined by a unique number.