There are two geoprocessing tools in the Geodatabase Admin tool box: Create and Delete Database Sequence. You can get access to a sequence's properties using arcpy.ListDatabaseSquences.
The database sequence help page states: DatabaseSequence objects cannot be initialized directly and the properties table shows all the properties as read only.
I guess the only way to alter an existing database sequence is to delete it and recreate it. It would be cool if an existing one could be altered or modified.
You can make changes to the sequence and increase for example the cache sequence values in the RDMBS using SQL.
Not in a file gdb...
Yes, in a file gdb you have no option, you have to use the ArcCatalog tools.
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