I've been working on the "Assembly Helper" portion of Crossmagi as of late. With a little more, it would able to dump the images for inclusion in game. I however still will pursue having the whole 'drawing on the fly' included so that we could have characters with different looks/equipment showing. That however is a long way off and many hurdles would have to be crossed...
It will be ready in 2+ years...

This was the last "bad idea" I was working on for Angelion before life dragged me away.
The top row shows the "base" for an orc, kobold, drow, wood elf, human and illithid. The next row I decorated them with some items. The graph on the right shows the "rotation" for that part, the 4 lines represent the 4 phases of the animation.

Here is a piece of the "scene file" where I describe what the drow elf is wearing. The # at the first part of a line is a comment marker where I blanked something out
:
MOB: Figure Drow2
COPYOF: Base Elf Drow
RIGHT_WEAPON: ./weapon/one handed/sword-1.png
#LEFT_WEAPON: ./shield/buckler-1.png
BELT: ./clothing/waist/belt-gold-1.png
#KILT: ./clothing/waist/kilt-green-1.png
CHEST_ARMOR: ./clothing/torso/shirt-green-1.png
RIGHT_BOOT: ./clothing/feet/boot-1.png
LEFT_BOOT: ./clothing/feet/boot-1.png
RIGHT_SLEVE: ./clothing/upper_arm/sleve-grey-1.png
LEFT_SLEVE: ./clothing/upper_arm/sleve-grey-1.png
SHOULDER_RIGHT: ./clothing/shoulder/green-striped-shoulder-right-1.png
SHOULDER_LEFT: ./clothing/shoulder/green-striped-shoulder-left-1.png
CAPE: ./clothing/cape/cape-red-1.png
CROWN: ./clothing/head/crown-gold-2.png
UPPER_LEFT_PANTS: ./clothing/Legs/pants-green-upper-left-1.png
UPPER_RIGHT_PANTS: ./clothing/Legs/pants-green-upper-right-1.png
END
BTW: You can clearly see my lack of art skill on the Orc's back. The "helmet" that I just tried to make today looks like a cap. This would look a whole lot better if I could draw.
Check out the SVN for the images that got put together to make this animation.