I've been busy. Since I last posted I've added these changes to the editor:

Material name changes, Diffuse - Specular - Emissive editing with the color dialog and/or edit boxes, Add and Delete materials, Slider control blending and specular power, Re-order model subsets up and down the list (changes drawing order), Material drag and drop, modify basic textures, Automatic texture copy into working directory, Apply materials to selected subsets, Clear materials from selected subsets, Scale zoom increment according to model size, and a host of other little details.

I'll add save static models tomorrow. Then I will begin on the shader editor section of the material editor. I expect this part to go much faster as there are not as many controls to work with due to the scripted nature of the shader materials.