Yes, it can be done (
"Through our Xbox One hardware and the live services we are able to update content on a daily basis. So a guy changes his hairstyle, breaks his nose, wears a mask, new footwear drops - we're able to update that stuff on a daily basis.")
WTF, please do not remove that quote. That quote gives legitimacy to the thread and answers your own question. Yes, these can be one. And, yes, they can do them daily.
Given that:
LeBron = needs a beard
Shumpert = needs a completely different hairstyle.
Multiple players = new footwear.
Kevin Love = new beard