hmm..well, I haven't try to use that trick more far..in my portofolio, there's a character that use guns ("outlaw") and I use some of tricks to swap the sprite.
In the video you gave, the shape of character is simple..so it's easier to swap the sprites.
while in my portofolio, the character design is more complex. All my works is always trying to use a few sprite. Because in my project, every character got 4-6 different skins, so we need to minimize the use of sprite.
I will try it with your sprite if you want. But, if you still doubt about my skill, so this is not my lucky day.
thanks