Hi,
You can, to some extent, automate the (re)importing process.
Go to your editor settings. Under Loading&Saving you can specify auto reimport directories. The engine will keep an eye then on all assets stored there and reimports them when they change.
Meaning: As soon as you save in photoshop for example, the texture is reimported automatically.
I must admit though: I expierience a strange behavior when it comes to meshes. They just wont reimport automatically when the FBX changes…
In this case I have to click on reimport on the asset contect menu…
The context menu also gives you a shortcut for editing… If I choose “edit” on a texture for example, photoshop opens up and loads the file ready for editing.
Again, somehow this does not seem to work with meshes. In my, case, MAx3d doesnt open up.
In this case I dont really mind as I would not work with an reimpoted FBX in anyway (I would generate a new export from the original scene file).
Leave the painless stuff to the community 
I prefer seeing them apply their talents to the really painstaking stuff (engine core, lightmass, etc). 
A perfect opportunity for you. 
Download the engine source from GitHub.
Compile it. (With which I have a slight problem. 4.4 wont compile 
).
and voila, you are at the starting point of implementing a brand new version of the geometry editing mode 
The point is: There are more important things to do with the engine.
Cheers,