I decided to put together a little proof of concept. The idea is to mimic the functionality found in desktop applications like Adobe Photoshop where a user can click on a checkbox and while continuing to hold the mouse down, can move over other checkboxes and have them toggle as well.
I've put together a demo page for Toggler that you can check out and play around with. Because this is a proof of concept, I haven't tested this in Safari or Opera and I'm using down and dirty event handling.
I could honestly see this as being a replacement for or as an addition to "toggle all" buttons.