Keep in mind that there really hasn't been anything called an "SDE View" for a long time. The term of art is "spatial view" or just "database view" (geometry columns being a normal part of modern databases).
The only time sdetable -o create_view should be used is with SDEBINARY storage geometry layers (which are rapidly becoming rare). For all other use cases, the database or geodatabase view construction tools are the appropriate tools. After view construction and validation, you can use sdelayer -o register to eliminate the Query Layer requirement of selecting an ID column (views must always be registered with a USER-set rowid column).
If you need to replace an existing view which has been registered with ArcSDE, you should use ArcCatalog or sdetable -o delete to drop the previous view, then use database tools to recreate the view, then use sdelayer -o register to re-register with ArcSDE.
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