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Is it posible to assemble a flipbook in layers?

For instance take this
head.gif
this
body.gif
and this
weap.gif

and then combine them into this at runtime:

assembled.gif

This would allow me to increase my character customization options while drastically decreasing my sprite sheet count. I have a few ideas on how to attempt to jury rig a system like this, but I was curious if there was one already in place.

This should be possible.
just feed the individual flipbooks the same time value to keep them synchronized.
Then just lerp them over each other. When you make the flipbook samplers as parameters, you can the ncreate a dynamic material instance and swicth flipbooks/animations at runtime.