Designing Components in IDE?

[CaptBill]

What is the best way to building/testing components within the IDE?
Is there a trick to this so I don't have to compile to a package every time to test my component, or should I just build a temporary form with fields to set properties at run time/test..then compile after testing?

Any component development tools/helper apps around anymore, like I remember for early Delphi? Recommendations?

Thanks