"re-do the game over from character and story stuff like that"
Sounds like you want a "Total Conversion" of the game. Well there are many Total Conversions of the SWKotOR Games but they are limited as to what they can change so they arn't really "Total" Conversions.
At the moment we cannot edit models (some but no animations or "bones") and we cannot make new areas as area models dont export properly and we cannot create walkmeshes. I think we have solved lightmaps im not sure.