Yeah I think we’re almost on the same page. It would be useful mainly for the level editor (i.e. working with BSP, editing environments, working with lights, etc.) In BP it could also be useful, but more on that in a bit.
A level editor example: I am doing a BSP rough for a new level, it requires working with BSP for a few hours. This will require creating brushes, editing brushes (extrude, weld, etc.), moving brushes, etc.
When I am extruding, sometimes I have to go back to edit mode to move a BSP component around (i.e. some verts), then I have to extrude a new polygon, switch back out from extrude mode, use the weld tool, etc. Rinse and repeat, over and over. It would be faster and more efficient if I could hit “Y” and be back using the last previously used tool. So, I am extruding a poly, now I have to move some verts around, I select a poly to extrude and hit “Y” to go back to previous tool (extrude), quickly extrude some more geo, go back to moving some verts around, etc. Much faster then clicking on a small radial button to activate extrude mode over and over. Now I have to weld some verts, so I select some verts, hit weld, go back to moving verts mode and tweak my BSP some more, select some verts to weld again, hit “Y” to reuse the last tool/command (which was weld), and I can continue working faster and more efficiently.
In BP, it can be useful too. Say I have a huge node network and I am going to comment the sections for organization; I select a group of nodes representing custom events, I create a comment with specific colors (red) for those events, etc., I can then select other nodes I want commented the same way, hit “Y” and they get commented with the same colors and data as the last created object in BP, which happened to be that specific custom comment object. This is a simple example, but imagine the possibilities with being able to hit “Y” to add most recently created node? I know it would be similar to ctrl+w, but if you copy/paste/duplicate, you have to make the copy and then place it (in the case of comments). With “Y” the selected nodes would get commented and have all the attributes and placement done for you, it’s just faster.
Not sure if my long post makes sense? I’m sure a feature like this would be useful in many situations where we wouldn’t even realize right now; it would be one of those things where you’re like “wow that’s useful, glad I had it in that situation”.