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Has anyone already written up an AppleScript that will re-layer a selection of objects such that they are layered according to their vertical position?

With the item at the smallest y coord being behind all the rest, the next y-coord item being in front of that, and so on through to the item with the greatest y-coord being in front of all.

(Yikes, not easy to describe without getting confused about highest, top, down and up, and so on ;-)