Cursors are appropriate for some classes of problems - and metadata operations can be one of them. Use the correct tool for the job.
I am with Jeff that you should not make every table have the same fill factor (although making them all something other than 0 is often an improvement). Best is to analyze fragmentation rates and adjust index fill factors appropriately based on that.
Best,
Kevin G. Boles
SQL Server Consultant
SQL MVP 2007-2012
TheSQLGuru on googles mail service