I wasn't able to understand your first post. Maybe you meant that you want changes in the filesystem to cause updates to the JS runtime without either reloading or operating on the devtools sources panel?
Anyway, the live edit feature is quite limited. It works for simple chains of global function calls, but not for any thing involving function pointers, including objects with function properties. Its biggest plus comes if you edit while stopped on a breakpoint. In this case, live-edit will recompile your code and re-run the current call stack with the new code. That gives you full syntax checking and run time reference checking for your edit, within the context of the current stack. This can be a great productivity enhancement. I typically hit control + S to save, see that the live edit passed, hit control + R to reload, then the app runs again to the breakpoint.
jjb