Aligns the axis/axes of pivot of an object to an edge (or two perpendicular edges) in mesh of the object. It is especially useful when axis of object is not in line with the axis of an array. It is also very useful in realigning rotation of an object. 

Added Outset in v1.30

1. using blender standard inset (I)
2. right click > 
3. 
4. change outset value in the dialog (left lower part of viewport)
5. flip the face of newly created faces 
6. delete the face in the center 
7.