The sdelayer -o create_view can fail with the following error: "Table not registered (-220): Unable to create view <viewname>". When this occurs, it makes the base feature class unusable.
The work-around is to register the table with ArcSDE before adding the shape column. This is shown in a script in <a href="file://archive/CRData/ArcSDE/commands/CR47975." target="_blank">\\archive\CRData\ArcSDE\commands\CR47975.</a>