No, that's a vertex editor. It's like shooting sparrows with cannons. You can do it - but maybe a shotgun would also be enough. Maybe thomthom could release just the vertex highlighting plugin? The Sandbox > Smoove tool highlights vertices, too (what's more, "weighed"!)

Thanks - knew I was missing something!

I recall that RickW also did some work on using a projected material that was balck-to-white hight-field gradient... http://forums.sketchucation.com/viewtopic.php?f=180&t=18024&p=149747&hilit=height#p149747