You can use feature reorder. You have to know the feature #'s first. You can turn the feature number on by using the model tree menu options picking column display, info and feature ID or #.
There isn't a way except as you stated. Definately a feature they should add. I know another popular CAD package has that "Insert Here" feature.
It would also be nice to be able to drag and drop from one assembly to another... or from the top level to a subassembly... all in the feature tree.
I used "restructure" to move some components from one assembly to another... Not as neat as drag and drop, but works the same.
I also find it's easier to insert a component in the end of the feature tree, then drag it up where I want it.
One thing that you may find useful is a tip I read somewhere on the internet (can't remember which website).
Create a point in the model tree before each major process stage, and it will make things easier for you to find.