Simple answer:

There is no "more elegant way". You can script executing of sp_refreshsqlmodule for each UDF in your database and run this script after altering any view/table (please note that sp_refreshsqlmodule does not work for schemabound functions...).

BTW. It is generaly a bad practicve to do SELECT *...

You can add SCHEMABINDING option in your function. It will stop anyone altering objects referred in function without dropping function first. I know it is not what you really want, but at least it will insure your functions integrity...

Just a sample of script to refresh all non-schemabound functions:

DECLARE @SQL NVARCHAR(1000)

DECLARE myFoos CURSOR FAST_FORWARD

FOR

SELECT 'EXEC sys.sp_refreshsqlmodule ''' + ROUTINE_SCHEMA + '.' + ROUTINE_NAME + ''''

FROM INFORMATION_SCHEMA.ROUTINES

WHERE ROUTINE_TYPE = 'FUNCTION' AND ROUTINE_DEFINITION NOT LIKE '%SCHEMABINDING%'

OPEN myFoos

FETCH NEXT FROM myFoos INTO @SQL

WHILE @@FETCH_STATUS = 0

BEGIN

PRINT @SQL

EXEC sp_executesql @SQL

FETCH NEXT FROM myFoos INTO @SQL

END

CLOSE myFoos

DEALLOCATE myFoos