I'm no expert....pretty much a noob, but i think there can be a possibility for that kind of modelling program/engine....if you consider ff7 and wwf ps1 games(don jump down on my throat regarding the vast differences between them, just saying depending on the level of requirements) it is possible to have a creating program, where you have a bunch of "stocks" whether it's body types of male, female, types of hair, mouth nose, clothes etc size variations and adjusting options...like wwf has a "create your superstar" in-game it self....obviously the skeletons of the original characters when they were initially created for the game are used here, with a few new unrelated, original parts and stuff for you to mess around with...not only is it possible for you to recreate the superstars already in the game to the exact to the pixel but you can make stuff you never saw in the game.
Point i'm trying to say, given the amount of data already there within the lgp archives, and knowledge people have about animation and modelling tools, there can be a "ready model" creator...just put your parts and adjust......making such a program though is another story