pg_dump problem?

Am I right in saying that the -o and -D arguments to pg_dump cannot work
together? Any chance of this getting fixed?

Otherwise is there any other way of deleting a column from a table
whilst retaining oids? In general there seems there are problems with
various scheme changes that you may want to do if you need to retain
oids. Various SELECT INTO options don't work any more unless there is
some way to set the oid in conjunction with named fields (like the -D
option).