I've written 3 or 4 visual editors and my second one worked like this, that was for java and c++ (never published, though I did use it for some published research work)
I still don't like much to write my code 'as a long list of lines'. My point is, after trying a system like this, I tried a windowed system (class outlines in windows, right click to open code editors), then a tree based system...
in the long run (I wrote several apps using all of those), the tree based system with non overlapping windows felt at once most scalable (to different monitor sizes) and foremost, most productive, because dragging the text boxes and links and/or windows in the first version was necessary, without adding much to the programming experience, so it felt wasteful.
If you want to try some of this stuff out, you can google antegram for java (java only) antegram for web (javascript/php/actionscript) and ee-ide (on oogtech.org). I'm not sure if I could dig up the original c++/java textbox + links editor (which could collapse graphs as well, and had an infinite canvas, so pretty close to what you describe).
I'm not working on this as much as I used to as few programmers ever seemed to like it except me, but if you like working the tree way, or feel like adding stuff for your own purposes, ee-ide would be the way to go, as it's nicely modular and easy to extend compared to the rest.
On the commercial side, you can configure visual studio to work with UML-like diagrams. I have a feel it might be a little too heavy (although it's definitely more coding than UML oriented), but I'm not sure, I haven't really tried yet.