No, I'm not talking about cycling through the available icons. When you press the middle icon it switches directly to the walk icon no matter which icon you have selected. And if you press it again you go back to the previous icon you had selected. And back and forth.
All SCI1.0 and SCI1.1 games have this function. As well as SCI32 games with more than one available icon action. From KQ5 all the way up to Gabriel Knight and Space Quest 6. It won't work if the game doesn't sense that you have a 3-buttom mouse, though. Trust me, it works. I have an old 486 that I do my classic gaming on and it does this all the time.
AGDI replicated this function in their Sierra remakes as well. And IA as well for the upcoming SQ2 (I don't think their KQ3 remake was ever patched with this ability...they didn't know of its existence in early Sierra games either).