I just released an update to the texture tools, which adds some better usability.
Full update list below.
Added ability to export texture to disk with the formats (png, jpg, bmp, exr)
Fixed Issues with Alpha Channels
Added ability to select Output Path and Export Path
Added ability to show toggle the alpha channel in the Output Preview
Inputting textures now use the asset explorer dialog, but also added ability to "Use Selected Asset from Content Browser" and "Browse to Texture in Content Browser"
Added dropdown for "Fixed Resolutions" for easy access to common texture resolutions.
A new youtube video has been uploaded which covers some use cases on how the texture tools would work in a development environment. https://www.youtube.com/watch?v=QD5i-XYcz2s
Future goals for this tool is to have the ability to add batching support, which means it can be capable of importing and exporting mass textures.