does anybody know if there is a update to the inventory editor for 360revoltion for the new title update or if someone is working on one?
Someone somewhere is probably working on one, but probably not on here. It's best to decompress and hex edit your save, there are few tutorials on how to do that in the Minecraft tutorials section.
Well since it wasn't updated for TU7 and there still are issues with certain inventory items (surgar cane for example) as well as it not finding your character's inventory at all, I doubt anyone is working on it. Which, frankly, I don't understand as MC is the leading arcade game on the xbox platform by every measurable scale.