Currently, the Item Finder is really only useful for stashing rogue physics objects, or vaguely tracking down the location of an object. Here are some of the features I think it could use:
Gizmo (Move icon): Activates the gizmo for the item, similar to clicking on it with the Q menu open.
Edit (Palette): Allows the editing of colors and other properties, as can be accessed with right click (if applicable).
Highlight (Magnifying glass): Outlines the object, making it visible through walls (similar to selecting with the Copycat).
Other potential features:
Item tagging: Mark certain placed items with an icon (e.g. heart, star, etc.) to differentiate them from the others.
Item folders: Manually add placed items in different folders/groups. Items of different types can be placed in the same folder.