Okay, so finally I finished with my web.config editor application. Removed a few shortcomings from it like. Now you have a flexibility of importing / exporting the encryption key within the application and also you can create a new key to encrypt.
Every time a new key is created, the older one gets replaced in the web.config as well.
Still looking for some host. Will try it at geocities.
The whole source code is in VB.NET and is available for download at geocities following THIS link.
You can download and play with it the way you want. And please let me know if you get to improve on the same.