Custom In-Game Prop/Object Sculpture or Creator

As we have piece by piece building, I would like to be able the create custom objects or props in-game. For example, I could create and arch made of steel.

I could pick the material, in this case steel.
I could pick the girth.
Then, as I move my mouse cursor, the piece would begin to take shape. The girth of the object being created could be changed by a key press.
There would be some helpers to help us create perfect shapes.
Once created, we can use it as a prop, change its color, material, etc.

So, I can create an arch for my new ride's entrance.
 
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