Ah, but therein lies the rub - I'm still using the 3.5 version, so the 'place point' ability is in there, but I'm stuck as I wanted to give my users the ability to place a point by decimal degrees (just like you said where you would have to support a few different coordinate input formats ) and making that work is beyond my skill set. I'm stuck specifically on converting the map units to DD and then making the tool plot the point correctly instead of at 0,0.
Thanks again for all your work and help,
~ D