For a couple years back in the eighties Canadian-based minis manufacturer Rafm sold the Custom Character. Each CC pack came with a body (early on you got two!), three different heads, various weapons, shields and items and often some cool extra bits. Here's all the images I've found scouring the internet for these guys.
This goblinoid champion wears a loincloth but no pants.
The pet rat is cool.
The guy with the boomerang has a flaming torch in his other hand.
I think the Evil Warlord in the middle has a pet demon perched on his arm.
I love the hat and moustache on the guy with the lantern.
Baldy MacBeardo with the scroll on his pack is looking wicked as well.
Dave had this guy. I remember the bandana around the neck and buckskin pants.
That outfit plus the Native American and Old Timey Prospector go a long way to support my pet theory that some of these sculpts are left over from earlier historical figure lines.
Snake in basket and sundial!
Who doesn't need accessories like this?
Is that middle Female Thief holding an anarchist bomb, like from the cartoons?
Skinniest. Barrel. EVER.
Those guys are so pissed at the wine supply being shorted they're attacking the poor thing!
That's not a shuriken, that's the frickin' Glaive from Krull!
I think there's a campfire in that last pack. Sweet!
Those last three are from someone selling three sets for seventeen bucks apiece on eBay right now.
You can see the dwarf set over at Stunties.
Okay, now that you've seen my exhaustive presentation on this old figure line, here are my questions for the audience: Is anyone doing this sort of thing today? If not, why not? With better material and production methods, this concept could be implemented with five times as much coolness. Hell, imagine using 3D printing so you can select individual parts.