I noticed today when I logged into my cpanel that I have a new button called "SSL Manager". It does not appear that I can do anything with this new feature however, as it says that "Warning! the sslinstall feature has been disabled!".

Could someone please give me some information about this feature and why it was added if it is disabled?

Thanks!

The SSL Manager will allow you to generate ssl certificates, signing requests, and keys.

For example you can generate cert and key and send us to install a self-signed certificate on your site. Or get signing request and key for CA Root trusted certificate

That sounds great! (and less hastle for you support guys who have had to do those things FOR me in the past);
I guess the remaining part of the original question here is:

If One were to lease a didicated IP for the purpose of installing a certificate, would this feature then be enabled on the c-panel of the domain with the dedicated IP?

Because well, disabled, it can't do anything.

Sorry, but only our team can install SSL certificate to your dedicated IP.
Maybe CPanel will allow this feature at control panel at the future.