SETBYLAYER Equivalent?

Does anyone know of a DS command that is the equivalent of SETBYLAYER in AutoCAD?  From what I have read, this command was first included in ACAD 2008.  (As I have 2002, I can only assume it is what I am looking for.)  Anyway, for various reasons, (mainly to do with my CAM software) I would like to be able to select all entities in a drawing and set all the line properties to BYLAYER.

Right now I accomplish this by box selecting everything, and then using the drop down boxes on the properties toolbar to change them.  I was hoping there is some way to have one button click do it all.  I am assuming you could create a custom toolbar command/button to do this, but I'm not sure how to accomplish it.  Any ideas or help?  Thanks!