Any other challenge I would have probably passed it up but this just sounds sooooo exciting, it's hard to say no. I could definitely use practice in modeling a character. I've only tried once and it was nothing to write home about. Not sure what I'll go with yet but I'm kinda leaning toward the ninja.
I'll set aside most of my other projects in order to spend alot of time on this one, I know I'll need it.
Don't be satisfied with what you can do but rather strive to do the things you can't do!