Which sequence alignment tools support codon alignment?
I don't know of any transcript-to-transcript aligners that are able to do this, but LAST can align transcript queries to protein reference sequences using a specified frameshift cost. Here's the specific documentation for that option:


  -F COST   
  
  Align DNA queries to protein reference sequences, using the specified
  frameshift cost. A value of 15 seems to be reasonable. (As a special
  case, -F0 means DNA-versus-protein alignment without frameshifts,
  which is faster.) The output looks like this:

a score=108 s prot 2  40 + 649
FLLQAVKLQDP-STPHQIVPSP-VSDLIATHTLCPRMKYQDD s dna  8 117 + 999
FFLQ-IKLWDP\STPH*IVSSP/PSDLISAHTLCPRMKSQDN

  
  The \ indicates a forward shift by one nucleotide, and the / indicates
  a reverse shift by one nucleotide. The * indicates a stop codon. The
  same alignment in tabular format looks like this:

108 prot 2 40 + 649 dna 8 117 + 999 4,1:0,6,0:1,10,0:-1,19

  
  The "-1" indicates the reverse frameshift.


I sent an email to the LAST mailing list about adding a frameshift penalty for transcript-to-transcript matching; I've been pleasantly surprised with the requested features that Martin Frith has added to LAST in the past. Unfortunately, in this case the problem is too difficult to sort out due to all the possible combinations that could happen, so it's unlikely to be implemented in LAST in the forseeable future (unless someone else writes that code).