Initial Alpha Release
This tool has been used successfully to update a local option set to a global option set in dev, qa, and production environments for an on premise deployment of CRM 2011. Everything is done using the SDK so it should work in all other situations as well (except for issues where the local attribute is used in a workflow).
Please post any bugs / features requests.
If you're looking for a stand alone exe, download the "Executable with XrmToolbox" link. The recommended option although, is to get the latest version of XrmToolBox
and extract the "Dlls for use with XrmToolBox" link into the same folder.