What is the quickest way to reset a column to a specific value?
Used the following and it executes in 41 seconds ! 

USE AcmeDatabase

DROP INDEX IF EXISTS IX_LegacyExtract ON AcmeWidgetTable

ALTER TABLE AcmeWidgetTable DROP CONSTRAINT IF EXISTS DF_Legacy_Extract

ALTER TABLE AcmeWidgetTable DROP COLUMN IF EXISTS LegacyExtract

GO

ALTER TABLE AcmeWidgetTable CHAR NOT NULL CONSTRAINT DF_Legacy_Extract DEFAULT (0)

GO

CREATE NONCLUSTERED INDEX [IX_LegacyExtract] ON [dbo].[AcmeWidgetTable]
(
    [LegacyExtract] ASC
)