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When opening up the properties window in a dialog from the GUI builder, the dialog has only a close button. Would it be possible to add a second button that will revert all the properties to the state that the component was in before the dialog was opened?
Not in current state when a standard properties window is opened non-modal. It is equal to the global properties window - all properties windows allow to edit the properties. There is no notion of a state where they could return to. That would have to be done by a special modal (blocking) dialog that would include a property sheet, remember the original state when opened and undo to that when Cancel is pressed. That would have to be a special GUI builder window, not a generic Properties window that is used now. I'm not sure how much would that be really useful. If the user wants to unset some property, they can do undo themselves. I admit there's an issue with that undo does not work from the Properties window itself (bug 172071), so it's necessary to focus the GUI designer first.