It will not be there from beginning (probably), but yes, it is planned. You will be able to create own models, sounds, textures etc. for replacing default ones with same abilities and proportionals. But to do so, you will need external software (Photoshop, 3D modeller etc.) and Unreal Engine 4 for creating packages. Anyway, creating own 3D models is not easy, with all textures, sockets, animations etc. I think that common will be just modifying textures and changing sounds.
Customization directly in game like in Skyrim etc. will be not possible. Dropped weapons and powers could break balance and will not be there but later we will think about something like that - maybe some costume things.
There is also one chance for simple customization - to change color of your character/weapons. We have it into own suggestions, but still it is not planned. We will discuss it after release. It would be good to have ability to choose little different look in game without modifying some packages. Maybe this could be unlocked by those dropped things from enemies.