You should edit your post to make those links invalid - people will click them and create the field on their DB
Note: I'm looking to bulk update the value of a Field across all files with a value ("1", "2" etc) using MCWS/MCC. It needs to be fast and efficient. I could write a loop with SetInfo but that will take (comparatively) forever.
I understand you want to assign a different value to this field on each file. I'm don't think this can be done with /Library/CreateField or an hypothetical /Library/UpdateField, since these functions just create/change the definition of the field itself, so it affects ALL files in the library, not just a specific one. Note that the URL doesn't specify any fileID.
I think you need to use SetField to set the value on each file (possibly overriding the default expression value, if it's an Expression field with the "allow custom data override" checked).
Quick and dirty: list your files on a Details view, select them all, then set the field value in the Tag Editor to what you need.