While this does seem like a good idea in theory, there are a few hiccups we have to consider:
1: Would there be a preset library of images and text editing, or would you be able to pull images from the internet and slap them on your character?
__A: How would the presets be chosen, and what amount of modification can you do to the image to personalize it?
__B: How would one pull images from a browser and import them to the game?
2: What would this mean for texture makers? If anyone can make a set themselves, a good amount of the community would be out of a job, and at least a third of the cash flow would stop, therefore stagnating the market.
3: Mapping would be an issue, considering a good amount of the surface area of the Tori is hidden from view, and would only show itself if the Tori is dismembered. How would the mapping account for that?