I've done something like that using Git branches. For example, I've got a dev kit target build and a "real hardware" target build with some test ports, pin moves, etc. I have a branch for devkit and a branch for production, then checkout the version I want to use. Creator handles it pretty gracefully, I was afraid that it wouldn't like the background switcheroo but it's fine.
I agree, it would be really spiffy to have that in Creator. Modus will probably let you do this with ease and simplicity but that's a different thing.
Thanks for the suggestion. I use Git as well. It's an interesting use of branches.
I am concerned that in the branching mentality, it can get to easily unmanageable to keep common code modules (and/or Schematic and DWR as well) synchronized across branches when changes are required. In maturing code and adding features, changes WILL be required.
This is why I'm looking for inherent IDE support of multiple build configurations. Microsoft's Visual Studio environment has provided this for many versions ago.