The SRD states that as a Minor action you can:
“Draw a weapon (which forces you to reroll initiative,
see above)” -SRD pg.55
It dosn’t specify anything about rerolling initiative above, simply rolling it to start with. Now I know rules as intended (or at least how I would rule it) is for you to go on the new initiative on the next round, but rules as written the following example would be possible:
Player 1 with a 4 agility rolls initiative, dedicating himself to draw a dagger on the first round of combat. Player 1 rolls a total of 22 for initiative after advantages. Player 1 goes first and draws his dagger, rerolling his initiative. The new result is 19, still higher then anyone else’s. Player 1 then walks to the enemy and stabs them with their dagger. Player 1 ends their turn. Going down the initiative it is now Player 1’s turn…
I actually created this account just to post this little tid bit. Rerolling initiative when drawing a weapon isn’t a bad idea, it just needs to be clarified. I have a tendancy to play things as close to the rules as possible, so any other discrepancies or balance issues I’ll try to keep everyone posted.