Modification to Ellipse Selection Tool

Would it be possible to make the Ellipse Selection Tool function in a similar way to the Ellipse Assistant Tool in that the ellipse is formed using three adjustable points?

Sorry! I meant to refer to the Ellipse drawing tool not the Ellipse Selection Tool.

As a workaround, you could use a vector ellipse then use the Select Shapes tool to select it and rotate and stretch it to fit as you wanted.