Fluter, thanks a million. That is exactly what I was picturing based on Sydnie7's post. Just to make it crystal clear, If I want to take off a half inch on a box pleat I would make a mark 1/4" in from both sides at the waistband (this becomes my new pleat line from the fell up, crease and iron on the new line and overlap the excess on the inside and butt the new creases together just like they were before.
I have started to make 2 other Util's before this one and I do believe that I like the box pleat better.
I will post photos of the finished product when I am done.
Thanks guys.