No Plasma Flaunt does NOT replace the Face Sculptor. Overall health improvement will certainly help skin health as well but Sculptor does a lot more in terms of facial beauty.
Do note that the list published by someone on all the potential fields contained within the Plasma Flaunt - is not a Captain-authorized list and seems to go a tad overboard. I would go with the official descriptions of the fields to assess their function. Rest is just conjuncture.