Transform Selection
That selection not exactly how you want it? Don't want to go all the way back into the path and modify it? No problem. Just go to the Select menu and choose Transform Selection and you can manipulate the selection just as you would with the Free Transform tool.
or: press Q (quickmask-mode) and after that press Cmd/Ctrl+T (free transform). After that Cmd/Ctrl+Enter and Q again.
I like this way better, because you can stay on the keyboard.