Yes! It's the one thing I miss the most from my Oracle days was being able to have a simple way to save stored procedure / view / function / etc scripts without having the awkward "if object doesn't exist, create a fake one" then ALTER it. Or worse, when someone writes a script with the DROP then CREATE methodology but doesn't include any GRANTs.

Something else I'd change would be to get rid of SET options at the object level like:

ANSI_NULLS

QUOTED_IDENTIFIER

etc.