Thats true, as long as you could do so flawlessly. I'd have a "select X character" drop down list when importing the edited DAE file. What the "Select X character" means is, you'd first open an original model from any character. Then the program 'reads' the bone 'structure' of said character. After it's done reading the bone(and faces/polygons etc) structure of the mdl0 you selected first, you're asked to select the DAE file you want to convert to a mdl0 for "X character" . When the program writes the new mdl0 file, it's re-making the bone structure from scratch, adjusting the setup accordingly depending on the character picked.
I mean like, if "X Character" was princess peach then you would select an unedited Peach MDL0, and then select the DAE you want to convert into MDL0.
I could do that, but it would take more time to develop. For now, you'll just have to learn to set up the model's bone structure in 3ds max before converting.
As long as it's a way to port characters with minimal glitch fixing and zipo hexing involved I'm satisfied with that. But how would I edit the bone structure in 3DS ? :l could some1 like, make a video tut on doing so?