I dont really see any cons that I can think of now, it would be better to morph vertices on the face, but not necessary, there are only a few basic types of head shapes....so I think it is cool.

I think it would be also cool to add a "RANDOM" button to see what character would arrive by randome chance. You could also use such an editor to randomly generate characters for pedestrians, and each one could be unique. Very good job, I think also you should sell it to the community somehow.

Another feature to add would be to allow taller or shorter characters with different body shapes...

But let me not dimish from what you have made already...its a great tool for about any game!