There's always this script; http://www.mariussilaghi.com/products/smooth-edges Or select the loop and use FFD modifiers...not quite the same feel though..maybe hiding verts not in the loop will freeze them?
Anybody know how i can freeze selected vertices to keep them from moving? This would be good to limit your soft selection to only certain loops. If its not in by default, anybody know a script for it?
I'm also faced with the need in such tool, so I wrote it, so if it is needed here it is: http://www.scriptspot.com/3ds-max/scripts/poly-loop-soft-select or http://veda3d.com/poly-loop-soft-select/