I think it would be better to make models for something along the lines of a BattleField mod. A game where you have a lot of players on two sides on a big-ass map. I think that would be a lot more G.I. Joe-esque.
The team fortress classic player models (I think they remade them later on but the original models at least) were all pretty heavily influenced by certain GI Joes.
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maybe for ue3 or just for unreal tournament in general,Chris^_^
guess its been done already,
http://compactiongames.about.com/cs/mods/p/gijoe_mod.htm
http://www.download.com/Battlefield-1942-G-I-Joe-Mod/3000-2113_4-10252355.html
http://www.yojoe.com/vehicles/