I will reply to myself in case someone else runs across this problem. I solved it that way :
1 ) Created a Form with which I pick all the settings needed for my custom object.
2 ) Created a class that contains my REDRAW() method that draws the object I want with dependence to the settings from the form
3 ) Created a structure with which I pass the settings from the Form to the class.
4 ) I make an instance of the form in the top left.
5 ) OnEvent (whatever event you want - radio button, numeric drop down, etc.) I get the data from the form and send it to the REDRAW() method in order to redraw my object with the new settings.
6 ) I keep all the drawable objects ( polylines, arcs, dimension lines, leaders, etc. ) in ObjectCollections, so I can delete them when I call REDRAW or modify them accordingly to the settings.
7 ) When the object satisfies me - I press OK and the object remains in the database.
8 ) If I press Cancel I use the object collection to remove the objects from the DB.
In other words -
1. make a form with which you gather your settings from the user,
2. make a class that instantiates the form and has a object collection to contain your custom object details (polys, arcs, lines etc)
3. and a dredraw() method in the class that accepts the settings (struct) and draws your object OnEvent (Any suitable event)
The visual effect is that my custom object gets redrawn every time I change a thing in my form and that form do not close, but sits still on the left leaving me to see my changes on the fly!
Its like transient graphics ( jig like ) with a form acting like a dynamic object - constructed and redrawn on every change in the form.
If somebody is interested and wants an example - I will make for him a simple one and will post it. For now I will not, because I don`t see interest on the topic.