When using select lists (or radios/checkboxes), setting a default value requires loading the field configuration page twice – one where the allowed values are set, and one where these values have become available as default values.
It probably wouldn't be the greatest thing since sliced bread if this could be made without re-editing the configuration, but it would still be pretty neat.
Knowing very little about coding in general and coding CCK in particular, I am unable to write any patch suggestion. But I guess that it would require some javascript (with a fallback to current behaviour if javascript is not available).
This module is a littlebit like air. It is essential, but you don't really notice it until you have too little of it. Thanks for great work.