I looked at the video and the images in the post and I'd say that it's probably a bit too abstract in its current form to interest many people, but I don't think it's a waste of time since you're probably learning a lot while making it, which you can most likely use in future projects.
Are you currently using this in any of your game development projects? I figure the best way of building a useful tool would be building it to solve problems that you yourself can benefit from. That should at least produce the basic foundations of the tool and give it a more specific direction, which you can build upon later.
I'm probably not the intended user, but some things that I can think of that might be beneficial to add (if you haven't already) are:
Edge & face extrusion (This makes generating new and useful vertex data a lot easier)
Polygon cutting (for the same reasons as above)
Grid snapping with level of detail options (It just makes life easier for things like map making)
Undo and redo (I forgot to add this to a 3D level editor and just found it made level editing quite stressful. The earlier you add it; the less complex it is to code)
Best of luck with the project. :)