So from my understanding of footage i've seen as I have not played any beta's or the launch version yet

You choose the skin you want to display then you have your choice of colors to apply over the skin and then you have visual customization for specific objects on the costume itself for example (Kitana you can change her Mask, Fans ect independently of the skin). Take this info with a grain of salt as again I have not played the game yet.

Depends. I don't have the game yet either but they said it's exactly like it as in the beta which means variations shouldn't have anything to do with it because you can also choose what abilities you have. So basically you are creating your own variation.

There are a lot of skins for each character. Skins differ from each other in costumes and revenant/living, whatever that's called. So if you want living Jade with her default revenant armor, it has to be there as an option already UNLESS that armor is one of the three customizable parts on Jade which I don't think it is.

You can mix them like you want.

So living Jade in her revenant armor is possible?

Nope those are set skins, you CANNOT get Rev armor on human jade

Oh ok, I see now. Gotcha