I have a new project i'm working on that involves a lot of character transformations, I was wondering the best way to go about this as a blender apprentice, I've gotten pretty good with armatures, mesh creating, shape keys, and some physics. Im wondering is there a way to make a rigged armature transform in to a similar rigged armature. Like a human arm transforming into a monster arm, on the same body. I feel like shape keys might be the way, but how does that incorporate armatures and color/ texture changes?
http://static.giantbomb.com/uploads/original/13/132031/2025184-sc5_nightmare.jpg
Nightmare's (from soul calibur) arms is what the end product will be similar to, and from a normal human arm.