Actually, WinEdt has already an equivalent to this feature!!
There is a button called "compile document", and its operation can be chosen to be one of the following:
compile to dvi (latex only)
compile to ps (latex+dvips)
compile to pdf (pdftexify)
and pdftexify can be chosen to do one of the following:
pdflatex
latex+dvi2pdf
latex+dvi2ps+ps2pdf
These options can be specified from Options >> Execution Modes >> TeX Options
N.B. Since nobody knew the existence of these options , this shows that there's almost no experts in WinEdt in this forum

Regards,