A "wonder bit" or "gag" works similarly and will give you the same respose, EXCEPT for 2 things. It is a large "O" ring, with a lot of play before it actually moves into the roof of the mouth, and it uses a curb (chin) strap (I always use a leather one never chain) that when correctly placed and adjusted, engages by applying pressure under the jaw to lift the head, and the shanks pull the nose in similar to a tom thumb but since other features (the curb, and poll pressure from the headstall) engage well before the point of the bit itself engages and moves into the roof of the mouth it's actually a kinder bit. And the curb strap also holds the bit itself in place so it's not nearly as hard hitting as the tom thumb.
With with proper hand placement (held above the withers and close together pulling UP not back) you will get the same response, with less pain in the horses mouth. It lifts the horses head, and pulls the nose in for bringing them into frame, using the headstall/bit.
Myler also makes a nice D ring snaffle with attachments on the bit itself, that will do something similar, rather than be a full "O" ring type action of a regular D ring snaffle or O ring. This seems like a good intermediate bit to me as well.
I'm speaking from the perspective of training gaited horses and needing that head set to lighten the front end, and creating lift and collection for gait (you also have to position your body back off the shoulders to adequately allow for that lift/reach in these horses-that's why so many gaited horse trainers develop the "columbian roll", where the rider actually looks hump backed when riding). Paso uses a curb strap with rings at the bottom and reins attached to that and to a bit, but these Wonder bits combine what she uses 2 reins for. Both work well, and I've used both. I just like using one rein, not 2.