You cannot do this will shapefiles, but with a file geodatabase you can use the Address Data Management tools available at this website (The Open button contains the download). These tools includes a feature construction tool that allows you to draw a new line in an edit session that will split any existing lines where they are intersected along with making proportional splits to the address ranges. It also comes with Attribute Assistant which can do many automated updates in an edit session, such as maintain a length field that is in units other than the feature units and or query intersecting features like Cities and ZIP code boundaries for information during an edit session. This should be in your maintenance toolset for address management.
However, no tool does correct proportional editing of address ranges in a batch process. This would be a challenging script to write, primarily because it is hard to control the order of the many segments a line can be divided into so that you can correctly extract the range portions belonging to each segment. The math is not that hard if you know the original line length and could get the segments belonging to the original line to always be in an order where the TO end of the last line you processed was the FROM end of the next line
If the lines had M values based on length, then such a script might be possible to write, because the M values can be written to fields that could maintain the correct sort of the segments. All you need then need is the original FROM and TO measure of the original line written to fields before doing the split and the current measures of the line to derive the address range portions. I have done that process with Route Events.
