It should work, since it uses skin wrap. But since you have only on object that needs rigging, you'll only need to apply it to that objects and chose the objects you want to follow.
Looking at your guide I think I found what I was doing wrong. When you import the two models so you have the original rigged one and the one you want to re-rig you want to leave them in the middle of the scene on-top of each other.
I was moving one away from the other before applying the skin wrap thinking that since the vertices were all in roughly the same spot it would be okay.
Reading your guide though I see the grave error I made.
What would be easiest them is to do a Mesh Select modifier on your edited model.
-Delete the skin on the object you want to re-rig
-import the original Brawl model that is rigged and LEAVE IT IN THE SAME SPOT
-Then go and select the object on your edited model you want to re-rig, apply SkinWrap and follow the subsequent processes to get the skin.
-Take your mesh selection modifier to move your edited model out of the way and make it easier to get rid of the imported model from the scene
-delete imported model
-move your edited and newly re-rigged model back to where it was in the center
Would I also be able to take the edited model, detach the object of the edited mesh from it, import that mesh into a scene with the rigged model, apply the Skin Wrap then detach the object from the original Brawl model and then attach the edited object to the model? Or would what I have above be an easier method?
Good to go. Or is there an easier way to remove all elements of an imported object in a scene in 3DSMax? I think the bones would cause problems wit the Mesh Selection modifier (can't check because I don't have access to my home computer right now).