Probably not. I support genetic engineering for certain items- to prevent diseases, etc. But to make the kid have red hair and freckle-less? Seems a bit immoral.
Has anyone seen the movie Gattaca? That explains the reason why we shouldn't do genetic engineering very well.
Gattaca also showed the dangers of only a few being able to get engineering. You are right that we shouldn't try to engineer in thing like looks(eye color, hair color, ect.) - just basic enhancements like immune system strengthening, intelligence ehancement, and perhaps physical strength and reflexes.