A tool with this ability would be great. Add the field, pick the order and let it run. Right now I have a model that copies out 30 columns, deletes them in the base table, adds my new column, then applies a permanent join of the old columns. I think they could make a tool that would do this more automatically and still honor underlying database rules.
And here I was, thinking it was possible. Only God knows how many hours I've spent trying to change field names and properties. Finally had to do it the old fashion way of creating a new field and copying the contents over.