Yes, the WITH VALUES modifier to limit DEFAULT applies the default value to existing lines, excluding all the "hard" work described in the question.
IF NOT EXISTS (SELECT * FROM sys.columns WHERE object_id=OBJECT_ID('[caConfig]') AND [Name]='ExportWizardVersion')
ALTER TABLE [caConfig]
ADD
[ExportWizardVersion] varchar(5) not null CONSTRAINT DF_caConfig_ExportWizardVersion DEFAULT '5.8' WITH VALUES,
[ExportPeriodEnd] varchar(10) not null CONSTRAINT DF_caConfig_ExportPeriodEnd DEFAULT 'MonthEnd' WITH VALUES
Profk source
share