UPDATE: This will do a redirect, not reset the variable. I won't delete this answer as I think it's neat but it doesn't answer exactly what you want
I do this in a very simple way for Economist.com
You have two IIS sites for one site, they share the same webroot. The master IIS web site stays as is listening on the current host header e.g.
216.35.68.215 economist.com
and the other IIS site listens on the ip address with the other host headers entered.
i.e.
216.35.68.215 economist.co.uk
The second web slave in the "Home Directory" has a redirect set which will correct whatever host name people arrive at your site on
Set "The exact URL entered above" and "A permanent redirection for this resource"
and enter your fully qualified host name entry as follows
http://www.economist.com$S$Q
The $S$Q will maintain all URLs on your other host names that enter.
Feel free to test this
http://www.economist.co.uk/world/americas/
will just push you to
http://www.economist.com/world/americas/
This means you don't have to run, at least for this reason, the fairly expensive IIS rewrite module