will probably be my next vehicle mod (after I have finished the ones which are currently WIP-> Lifeguard Granger and Police Maverick)
As for peds, I'd do it, but I have no knowledge about rigging for IV, I've only done a few peds for SA. (which is a shame, because I have worked on some FnF characters last summer and would like to see them in IV)
On another note, UV mapping is still messed up on most characters and peds and has to be redone by hand until a fix for the tool comes out.