Hi morphtactic, making Custom Character Models comes easy to a person with your artistic skills, but, I would insist that a significant degree of Artistic Talent is required for getting the Skin, Hair, Cloth materials proper. I’m a novice Blender user and pretty much limited to simple objects at the moment. I did investigate into creating my own custom characters with DAZ3D. I have to admit I only gazed over the MakeHuman Site (The MakeHuman Team really should showcase the Community Gallery on the front of their site). I would be interested in seeing your workflow and results with a MakeHuman Workflow. How are you handling Clothing?
I so appreciate that Nightasy has teamed up with RBrown to develop a Character Customization Solution specifically for Unreal Engine.