For a bit of fun, I've started reskinning characters from the LEGO Star Wars
You can check progress & developments in this fbtb.net thread
There's a more general (scripting, model swapping) LEGO SW modding thread here
Unfortunately there are some limitations with what can be done, depending on the whim of the programmer who made the UVmaps for the skin wraps over the models. (The Leia above should have brown arms, but the skinmap uses the same colour block for the torso base and the arms, sadly, and that's the only model with suitable hair to convert Padme to Bespin Leia).
Still, plenty of scope to get reasonably close approximations of existing official minifigs, and of course endless possibilities to make custom minifigs working within the limitations of the skin meshes.
I will be writing a tutorial and including the texture extraction/insertion scripts in a Lego Star Wars Mod tools.zip
in the next month or so.