Character set = 1 TV sprite, full artist control over layering, sprite, details. (e.g. you can actually add shading under hair and things, that level of detail isn't possible for a generator.)
1 Generator Piece= Face, TV, TVD and SV sprites. Have to be made in a certain way, have to be named in a certain way, have to have a colour mask too.
It's not really a waste of time to make a character set, it's actually a lot less time than a generator piece. It may not be
as helpful to the general community, but if you're not planning to use the extra parts like SV battlers, you save yourself like 20 hours of work.
As a note about your project, you can't actually edit the way the inbuilt character generator in MV works, that's illegal. You'd be relying on an external generator such as
Schlangan's, and people have already been considering making tall templates to work in that. There's little progress made yet, but unless someone is willing to fund it, it really is going to take a long time to replace the entirety of the rtp pieces on people's spare time, possibly years.
It's also going to need a lot of organising to make sure everyone is sticking to a correct format and making sure things are going to work, or you'll need to have someone to act as 'quality control' and sort through what's being submitted instead so the artist has less to worry about. Whatever the case, you need to update your thread a bit more. Are you using this template? Are you going to need SV battlers? I don't know of any tall SV sprite templates, but I'd imagine it'd be hard to make that look good with 3 frames per animation. You also need to get rid of the typos, although it seems like it's just your writing style, it does unfortunately makes the thread look sloppy and thoughtless.
All that said, I don't think it's a bad idea. I don't mind helping out to make some resources, but (as I imagine is the case for most of us), it's not a priority project, so it is just going to move at a snail pace. Your monster maker project might be long finished before this is.