I don't know if this is helpful, but I use the free Oracle SQL Developer
for SQL stuff and from within this tool I register UltraEdit as an external tool.
So whenever I need to make some more powerful editing, I click the UE icon in SQL developer and the SQL file opens in UltraEdit.
Whenever SQL Developer gets focus the file is reloaded, so I can test the SQL, make small corrections, test again. If I also kept the file open in UE and go back, it of course detects that the file might have changed and suggests a reload. Really a neat integration.
Maybe plsqldev.exe can do something similar?
(Sadly Oracle SQL Developer can't take command line arguments (yet) so integration the other way round from UE isn't possible at the moment, but then there is SQLPlus).