The real problem comes with sprite assembly -- the data that tells the game engine where all the little subtiles go in each animation frame. Vehek's the resident expert on that, and I'll be mooching off of his investigations when I (hopefully) detail it. For now, a new sprite would have to match up subtile-by-subtile, meaning you couldn't put an eight-legged octupus over Crono, but you could put in a sprite that's very similar to Crono in terms of shape and animations.