Yoshinori Ono tweeted image of what looks to be concept art for alternate costume for Fei Long. The image was tweeted as he replied to someone asking him to add a create-a-costume feature in Super SFIV. You can check out the image below which was accompanied by the following quote from Ono.
“We’ll release a new costume for SSF IV soon. Plz wait.”
So it looks like a no for “Create-a-Costume” feature for the time being, but at least costume lovers can get excited at what looks like it might be a great set of gear for their fighters.
Source: Yoshinori Ono Twitter