I believe so, yes.
This is character screen in Fonline SDK (3D enabled ones), with 2238 3D Dev stuff pasted in it :
(White writing is what I imagine it WILL DO, not necessarily what it does now)
As this currently works, there is the "hero" (normal Fallout character) body type, and you can select "big dreadlocks" or "normal Fallout" hair for male, and "normal" for female ('Bob hair' is selectable by in-game command). Normal hair is available in a variety of colours. There's a range of different skin colours with or without tattoos for the male character.
I'd imagine it'd be like this (or similar) - with the body type selection picking from the normal, strong, hero, fat etc, and the other buttons working as you'd expect. I'm not sure how clearly facial hair would show up at "normal size" in game, but there's the possibility to either a) reposition / reshape the Van Buren ones and use them or b) Make some new ones.
Anyway, I do hope we can have a beard option.