Thanks to @GmonC and @Arik and some spare time, I managet to get this working. I have had to change two files to make this work.
(1) Install LiveReload and Chrome Extension for that application. This will call some script on file change.
(2) Open <LiveReloadInstallDir>\Bundled\backend\res\livereload.js
(3) change line #509 to
this.window.location.href = "http://reload.extensions";
(4) Now install another extension Extensions Reloader which has useful link handler that reload all development extensions on navigating to "http://reload.extensions"
(5) Now change that extension's background.min.js in this way
if((d.installType=="development")&&(d.enabled==true)&&(d.name!="Extensions Reloader"))
replace with
if((d.installType=="development")&&(d.enabled==true)&&(d.name!="Extensions Reloader")&&(d.name!="LiveReload"))
Open LiveReload application, hide Extension Reloader button and activate LiveReload extension by clicking on button in toolbar, you will now reload page and extensions on each file change while using all other goodies from LiveReload (css reload, image reload etc.)
Only bad thing about this is that you will have to repeat procedure of changing scripts on every extension update. To avoid updates, add extension as unpacked.
When I'll have more time to mess around with this, I probably will create extension that eliminates need for both of these extensions.
Untill then, I'm working on my extension Projext Axeman
background windowto press Ctrl+R to reload the extension? in web page, it refresh the page itself (not extension). in background service page it doesn't do anything. may be i didn't get exact place you mean