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AGK Studio is showing a new feature where you're able to edit properties at run time and your code updates itself dynamically. I can only imagine how useful it would be if we could have a similar system.
There is GMLive like FrostyCat pointed out, but I feel like a built-in livecoding feature similar to GMLive but without the setup/running the server and adding code on top of every object/event, would make workflow a lot smoother.
GMLive is still a godsend, though. My favorite extension by far as it reduces so much wasted time.