I was looking through the KT looking for some good icons for a new force power I was making and came across ip_alter.tpc and I don't remember that in either game. Has there been any restoration work involving a force power with that name?

Well, I don't remember it and it isn't in "k_inc_force". Assuming it is cut content, I don't think it could be restored since we don't actually know what it does? I guess there is nothing stopping you from writing a force power and using the icon though ;)

EDIT:
There is a line in "spells.2da", if its any help though it suggests there was supposed to be 3 tiers to it:
FORCE_POWER_MASTER_ALTER_XXX
Desc. 1207: "This power gives the Jedi access to all of the Alter Force powers."
Passive.

I also managed to dig up from searching:
String 259: "Alter"
String 1195: "Force Focus: Alter"
String 1256: "Prerequisites: Jedi classes only; This feat adds +2 to the Difficulty Class for all saving throws against the character's 'Alter' Force powers."

hmmm.... I thought it would be more of an offensive power.
I might just right a power changing the target into a gizka or something. That'd be a good humor mod.
Edit: kinda off-subject, but does anyone know where the lightning discharge texture is at? I mean where it comes out of his hand. if you change fx_Lightning it just changes the lightning itself and the person still gets covered with blue also