I believe 'quadrangulate' does the trick and adjust the settings (mesh>quadrangulate checkbox>adjust settinds). I do however agree with joey...what is the edge actually for? and I would also agree with joey to do it by hand...much better control. Get used to deleting edges as you progress, some times I make heaps of edge loops to delete a good portion of them..or even when I use the split poly tool, sometimes more is too much. You will also merge verts a lot as you delete edges etc...its a combo thing really, decide what you need and adjust, then disregard what you dont.
I found when I first started I tried to have a gazillion lines and verts etc...now I try to have less and think of the placement etc..LOL but sometime you change your mind.
cheers bullet
bullet1968
"A Darkness at Sethanon", a book I aspire to model some of the charcters and scenes