Yeah, all of the models, textures, etc are stored locally. They'd have to be, or you couldn't run the game. The server just tells your PC which files to load. I'm sure someone will figure it out, I just was hoping it was already done. =)
Basically, we're less concerned about reading our own characters' data with this program. All we'd need to know is which race, facial structure, etc, we used, and the equipment we're wearing, and the program could render the same thing, without the need for looking at the LotRO servers to discover what we have on now.