Thats what I was thinking of doing however since the sheer amount of things that could be modified just doesn't make it viable. For example, the entity's head, body, legs, and arms, as well as weapons on both arms will change. Plus there are around 12-18 different parts for each section. (if you haven't guessed yet, it is going to be a mech)
I was thinking for having the entity be the body, then if the other parts are equipped, it is rendered another model relative to the position of the body. This works in theory, but I just don't know how to code/approach it.