Joe,

I think you solution is very close. What about modifying the DEFAULT constraint instead of dealing with DEFAULT objects.

CREATE PROCEDURE ChangeDefaultTaxRate
@newrate decimal(6,3)
AS

DECLARE @cmd varchar(1000)
SET @cmd = 'ALTER TABLE customer ADD CONSTRAINT df_taxrate DEFAULT ( ' + CONVERT(varchar(20), @newrate) + ') FOR cu_taxrate'

ALTER TABLE customer DROP CONSTRAINT df_taxtrate
EXECUTE (@cmd)


-Mike