Hey, you can do it! At least in 2006 and 2007 (not 2005).
The trick is to hold down CTRL or SHIFT, then select the tools. Then you can right-click and edit them all at once.
I guess one of the benefits of being an early-adopter of 2007 and sending off soooo many bug reports to Autodesk is that I get responses to things like this relatively quickly... I think they know my name over there now.