Outset option

Would it be possible to implement a modeling tool that is activated with Inset command, but would "inset" outside of the edges? Like an outset, if that would be correct term. It would be activated in Inset mode, hitting an Alt key for example so we can achieve the extrusion on the picture below. The usual procedure for this is extruding the face, hitting Escape key, and then scaling the face, so this would be quicker.