I have mentioned a few times here about what I'd like from Image manager and when nothing was forthcoming (not a complaint, not many seemed interested in what I wanted, or didn't understand) I made my own solution.
We keep incrementals for 28 days and collapse them into a new base weekly.
It requires making a batch file that pipes the relevent files into a command line to sbrun and making it a scheduled task for the collapse process. It takes as long as taking a new base to collapse, but at least we get our 28 day period of recovery on disk (forever on tape).
While it isn't quite set & forget, if I had more time I could make it happen