Does this feature work for anyone? When I right-click the stored procedure to alter it, then click on Schedule Job -- I find that I can't schedule the stored procedure as a job.
no bueno.
Is your SQL Server Agent process running? Jobs are executed via the SQL Server Agent.
Thanks for responding, yes it is.
But the issue is that I can't even get to the point where I can create the scheduled job via right-clicking the stored procedure.
Creating a scheduled job based on a procedure can be done in the Alter Procedure pane, FYI, not by right-clicking on the proc (unless I don't know from which part of Toad you're right-clicking.)
If that button (to schedule job) is disabled, and your SQL Server Agent is running, then has the DBA given you privs to create jobs on the database?
I am the DBA. 
Hey David, this appears that you are able to define/schedule the job...am I missing something?
Or are you saying that when you go through the steps, the job is not defined/scheduled?
when I'm done configuring the schedule -- "OK" is greyed out. So I can't finalize it.
Ah, that can mean that there were no changes to the Proc? If there's no Script showing, then no changes have been detected for the proc. And if no changes, then the master OK button will not be active.
If you HAVE made changes, and are able to define the change as a job in the Alter panel, but STILL can't click OK, let's open up a Support ticket so that we can reproduce, document, and track the fix.
Thanks, I opened a case about it.
Your case # is 02434097
Thanks for opening up a Support case.
And, in doing a bit more troubleshooting for you, I think I have partially reproduced your issue.
When Toad gives me the message that the job was created, I have to hit Refresh (Shift-F5, or View->Refresh All) in order for the new job/s to appear in the Object Explorer.
In one case, I actually had to disconnect/reconnect to see the new job, although users shouldn't have to disconnect. This all done in v 8.0.