If I'm reading this correctly, your suggestion would alter a single table online, and at the end, I would end up with a table with a new schema (assuming I had no foreign keys referencing the table being modified, which seems to introduce additional complications). Presumably, this change happens while my application was running, which means that during the migration, I would have to use the old table format, and then cut over to the new one instantly once the migration has completed.
Our migration at the time involved multiple table changes, many of which had foreign keys referencing each other. It doesn't sound like this tool would atomically switch all tables to the new schemas, which would have led to broken data for us. Does that make sense?
You're right about needing to switch your application over instantly. Where I've used it, it has mostly been to add columns to a table and thus the old application code continues to run perfectly fine.
While you can't use pt-osc to do multi-table updates directly, you can use the same strategy. All it does is creates a new table with the new schema, adds triggers to the old table to duplicate row modifications to the new table, and then copies old rows across. Then, when all the copies are done, atomically renames the new table into place, then deletes the old table.
There is nothing to stop you from delaying the rename until all new tables are ready, except that it is more hassle than just using pt-osc as it comes.
But, point taken: your case is more complicated than the one I was thinking of. And thanks for your thoughtful response to my somewhat dismissive comment :)