Yes TL1 was/is extremely moddable and they've continued that into TL2, so the Torchlight franchise has a large and very active modder community. TL2 Rapid Respec is a result of that moddability.
If it'll give you any more confidence, take a look at Chthon's (the developer's) website Clockwork Core
. IMO he's handled the development of this tool very professionally.