Reality Factory

Would it be possible with a scripted player to add an inventory system where certain items, such as clothes and armor, could be added onto the character's body? (obviously with only one item type per body part or category worn at a time, with the addition of attributes) And also, it would be necessary to start out the scripted player with some clothing items already equipped...

Also, a weight limit system would be nice. It would urge your character to exercise more or whatever.

Yes it would be possible to do that. I believe Jay has a working system like that in his RPG. Let's hope he releases a demo soon so we can take a look.
The weight limit wouldn't be impossible, either. Once you have the basic things there, it would be quite easy to add a weight amount to each item and check if the stuff in the inventory is too heavy to carry.

Right now though I'm working on visuals...Blender's sculpting thing is great...

the 2.43 version has it...check it out! it's free