Hi folks,
I just made a skin weight tool that copy the similar function from 3D’s Max. This tool can help to adjust vertex weight on much faster than component editor.
Here is the download link:
http://www.creativecrash.com/maya/script/weight-tool-for-maya/description#tabs

Let me know if you have any question or bug found.
Cheers!
P.S. You may need Maya 2011 or newer version to run Pymel script smoothly