Titles and text exactly correct? Out-of-the-box, almost! The 'no' part is note titles as these are taken from the body copy of the new note using the first c.64 characters - see
this aTbRef page for more (I just added it as part of this answer).
However,
this TB wiki page discusses TB code you can use to truncate a note's title to the first sentence. Actually, it would be neat if that were an explode option, but meanwhile you can do some automation. For instance an agent could find all notes that are children of 'Exploded Text' and (re-)set their titles. To keep the agent in limted scope (i.e. doing less searching) you might use a container specifically as your 'Explode Centre' and limit the agents query to only search within that containers children.
You could even, in v4.1+, use the Container attribute in your actions/rules to move the exploded content automatically to a new location in your TB file.
So whilst it's not all done for you, with a little coding in TB you should be able to achieve all you want for your import & explode process.
If your notes from the handheld, etc., are
plain text format (i.e. no bold, etc. mark-up) then you can drag the note to a TB view, and select Note menu -> Explode...
The result of Explode is that your selected (exploded) note gains a child container called 'Exploded Text' that in turn contains all the new notes from the Explode process. Using this extra container allows for the edge case where the note to be exploded already has children and thus keeping the Explode-created notes separate from them.
What docs don't explain (note- perhaps they should) is that each note