Sorry I've been a bit late on dealing with Physics Editor capability. Andreas is right about SpaceManager having a huge weakness when it comes to having one body to multiple shapes; however I've found that in most cases you actually do want access to the shapes.
That being said, I'm fairly certain you can use both the Physics Editor code along with SpaceManager, I believe the only thing that would need to change would be the "iterateFunc", the property in SpaceManager that points to the update mechanism for each shape (uh oh redundancy if multiple shapes to one body hmmm). It would have to update according the body->data field like Andreas already suggested.
I could add a 'addBody' method to SpaceManager but in 99% of cases, there are corresponding shape(s) that also need to be added, so is that a separate call or perhaps that's up to the user/pe code? It's somewhat unclear.
Anyway, I'll try to give it some thought when I get chance.
p.s. morphShapeToActive/Static does indeed "morph" the shape as well