Yep sounds about right. From what I remember while skimming through code.
It just won't show the icon, the actual skin is there and can be selected via the console though. I'd leave them incase someone ups the limit for some odd reason.
This was all found out while I was working on making customizable sabers that work similar to the custom players.
I have every thing done (including a few custom sabers) but the actual menu code.