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One thing i think would be quite cool, for WH3, is to have is a custom lord character creation. Akin to the custom hero creation in Battle for Middle-earth 2 game if any of you remember that.
Could be like this: On title screen you have a 'custom lord' button. Create new > select faction. Have some diffrent heads/looks you can choose between using normal lords for said faction as base, alter colours, some armour/cloth choices, lord class (caster, melee, ranged, hybrid), some weapons to choose between depending on class. And traits + stats. Option for immortality and mounts.
Somewhat like the popular Custom lord mod except more fleshed out when it comes to the appearance.
Then, once created, you could choose to enable them and they will show up in the regular list for recruitable lords. Price could depend on stats and traits.
If you wanted to expand it further you could also add a option to add legendary items(without quests, just level req.)