Thoughts on hit locations?

I would like to integrate a hit location system within my first person shooter. I would like to break up the character into separate elements; head, torso, arms, legs, etc. and give them hit points per location. Can I get some thoughts on the best way to proceed with that?

Thanks!

If you use Trace for your bullet collision checks, FHitResult has a member for checking which bone the trace hit. That would be a good way to setup this kind of system.