MKRayden, you got it all wrong. Tekken 5 has the ability to customize your character's costumes by adding accessories (helmets, sword holsters, etc.) and changing the 3 main colors.
However, the Kreate-A-Kharacter mode in Armageddon will allow you to create your own fighter from scratch. As in, you start out with a naked male/female template, and you can adjust its face properties, the outfit, accessories, colors, name/details, as well as the fighting styles/moves/stances as well. This should work just like a wrestling game (Smackdown! vs Raw 2006 is a good example).