I'm planning to implement an item wich, based on its NBT values, shows additional components on its texture (meaning that when an NBT variable is set to a certain value, another layer of the texture is loaded, if its set to another value, a different layer is loaded). However, as far as I understand it, to acomplish this I would have to create a model for every variation of this item possible, which the way I plan it would result in thousends, if not ten thousends of models I have to create (I want to have three seperate NBT variables that can be freely mixed, being able to take on at least 16 variants each, resulting in a minimum of 16³ = 4,096 variants). As making individual models is clearly not an option, I was wondering if there was a way to do this dynamically, meaning that I have one model that can somehow control this. I tried to figure out how banners implement a similar thing, but as those are tile entities, I don't know if this would work for items as well. Apparently Tinker's Construct is able to do something like this with freely combinable tools, but I don't know how this was achieved there.

Wrong subforum.

Banners use vanilla's hacky TE based rendering. They are not rendered as other items are so they are not something you can base your rendering on.

You have 2 options:

1. Use forge's blockstates with sub-models. Using sub-models you can just define 16*3 variants instead of 16³.
2. Use custom BakedModels with a custom ICustomModelLoader. I think this is what Tinkers does.