Thanks for the support, I might post again if I make any progress.
Graf: The existing models would need to be adapted, that's true, soft parts like clothes that are close to the body and have to deform with it must be extrapolated from this character mesh to avoid overlapping, but rigid parts like shoulderpads and chestplates should be easier to adapt.
bikkebakke: I can easily slow it down, but I am making animations frame by frame from the original sprites, so I rarely have to adjust speed.
avv: Yes, you can tweak the main mesh , if you don't add any polygon then the bone weights and the texture maps will stay the same, but in that case you would need to model all attachments for that kind of body.
Lexx: You are right about that , all armors need to be done , but like you said before, animations are the most important part, we can always add hairstyles and beards later.
Update: New video showing a close up on the character, and some new animations, still in progress. (video is streched :/)
http://www.youtube.com/watch?v=dMkdabWbvaIThat's it for now , I won't be home next week so that may slow down the process.