This is a script I did for a co-worker. It takes a vertex selection and turns that into a shape. It is the same as taking an edge loop and converting it to a shape but with less button clicks. Actually that is how it is scripted as well. It takes a vertex selection and converts it to a edge selection and then shrinks it to get the right edge loop. Then it just converts the edge to a shape. Pretty simple but it might help your work flow if you need something like this often enough.