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Strongly agreed. Currently there is a "Save As Encoding" submenu in the File menu. But this suffers from the following problems:
1) What if you want to save the current file with different encoding with a different filename? Then you have to do two separate operations of: a) Save As to save as a new filename, b) "Save As Encoding"
2) You can't see the current encoding type of the file. There is no checkbox in the "Save As Encoding" list. With "Save As" you can easily see the current type via the current selection in the "Encoding" dropdown box.
This could very easily be implemented through the existing API of COMDLG32 (Windows Open Save Common Dialog Box).