I am still going to deal with only triads for the time, since it helps me cope.
Let's say we were originally in D Ionian (two sharps).
We change the diminished triad c# e g to C Major by moving the root down a half step and we get :
CEG
This could be I or IV or V in the new key, depending on which key we move to (if we consider only the naturally found, Major triads in the Ionian scale).
I in C Ionian
IV in G Ionian
V in F Ionian
No matter what, another step needs to be made (another chord formed) to establish a new tonality (even if we wanted to actually move to C Ionian, since tonality wasn't *really* established just by creating this chord once).
So, let's say I wanted to go to "C" -- I could go from this new C Major chord to G7 and then back to C ? Would that sound like we have actually arrived somewhere new, or would more be needed ? It actually sounded convincing to me (but I only did a few chord changes and wasn't improvising or anything).
If I wanted to go to G Ionian, the C Major chord could act as the IV of that scale -- I know I would want to make it to V7 of the new key (D7) before trying to claim I have actually modulated to a new key. I could go C Major, D7, G Major (in whatever inversion sounds best). It also seemed okay to me.
If I want to go to F Major, C Major is already acting as V of that key, but I would probably want to make it a V7 to really establish a true modulation. So, I would go C Major, C dom 7, F Major. It seemed okay to me as well.
So, we could move from the key of D Ionian to C Ionian. We could move from D Ionian to G Ionian, or from D Ionian to F Ionian all by way of changing the c# dim triad to C Major and then going from there.
I know that thinking of the C chord as V of the new key seems "better" but, the movement from the key of D to F seems less likely (relationship of a third with the key signature change of 2 sharps to one flat) than the movement from the key of D Ionian to G Ionian -- with a circle of 5ths relation and a key signature change of 2 sharps to 1 sharp. The latter seems more likely and smooth.
What do ya' think ?