I've seen something called "Faces" that was previewed at Adobe MAX back in 2015 but I was wondering if there are any plans on something like Studio 5 maybe even integrated in Illustrator.
Adobe hasn't made any preannouncement of any such products or technologies.
Font creation and editing is a very complex process. Design errors are problematic enough, but production errors have terrible ramifications throughout the entire workflow as evidenced by the large number of “issues” associated with problematic fonts (often but not solely the result of amateur efforts at font creation and editing, even with the most professional tools).
If I were you, I wouldn't be waiting for such an Adobe product in the near or even moderately distant future. 
- Dov
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