I most certainly agree however we do not have Python access to the mouse coordinates on the screen. Neither do we have access to the vertices that the morphing tool has currently selected.

A click and drag of the magnet zone is I grant you less cool but it will work. Also holding down the shift key ensures that the selection is maintained as you change camera angles. Once in position fine tune using the parameter dials. Then click and drag on the magnet which will then have much the same "feel" as if it were the morph tool.

What you want does not exist, I'm simply offering a solution that works.