Is it possible to use the UFE combat interface, but instead of having a predesigned list of characters to choose from,   have players choose the models they like, and then purchase special moves, punches, kicks, etc via some kind of point buy system? 

I'm imagining something with a fighting game interface with MMO/RPG style advancement with gear/enhancements that increases damage/speed/resistance to damage etc,  and earning new special attacks via gameplay, or buying them from a trainer in a shop with currency that's awarded for winning fights etc.  Then progress is saved, and the player can keep coming back to play their character against other players and the AI as they progress buying more and more attacks.

I understand that the interface would need to be made on my own since this isn't exactly standard for a fighting game, I'm just not sure how much extra work would need to be done to create/save/update characters with custom names (based on a collection of pre-defined models that all start that all have the same basic punches and kicks) within the player interface.