Currently when viewing a column in Setup, you can see where the column is being used. To Edit the associated usage views or formulas, you must first click on the usage link, then edit as required, then (Save) and Back..
A handy feature to this would to be able to Edit that line directly in one step. i.e. have an Edit button next to each usage type...that way, you could Edit --> Save...Edit --> Save This halves the keystrokes required to achieve the same result...=50% better efficiency