Basically, the idea that I'm putting forth would involve an ability for MWSE or MGE functions to register player characters within a database and for future player characters to use them as companions on various missions they would go adventuring on. There would be certain constraints put in place, however, on who can hire whom as a companion (ie: no level 1 characters hiring level 30 companions). The idea was inspired at least somewhat by some semi-collaboration that my current player characters have engaged in using the mod linked below (by means of sharing the spoils of their adventures, if you must know).

http://planetelderscrolls.gamespy.com/View.php?view=Mods.Detail&id=4409

This would, essentially, be taking the concept one step further: actually allowing two different player characters to be within the same space and time as each other in the game world. I'd like to hear what others on this forum would have to say about this, so please let me know what you all think.

I toyed a bit around with that idea lately, but didn't manage to arrive at a satisfying design concept (not that I'd be able to implement it in any case ...). The main problem is that so many things in the game's storylines are designed for a single-character experience. Examples: If all my characters occupy the same gameworld, then only one can be the Nerevarine. Would I enjoy these other characters as much knowing that some of the game's most engaging questlines will forever be closed for them? What if one of my characters is the head of a guild, and another of my characters tries to get that position too? What if one of my characters already killed Trebonius, will my other characters be able to get the Dwemer quests?

Of course, one could simply ignore all these questions, add the players as companions into their respective campaigns, and just not care if character A (who already killed Dagoth Ur) gets hired by character B who is on a quest to kill Dagoth Ur ... but that would make the whole mechanism so crude that I'm not sure I'd enjoy it either.

On the other hand, running around together with some of my earlier characters could be fun. And perhaps I could retire some of my characters to their houses, that'd be a reason to keep those in the game but still look for another home with my next character.

But in the end, I just couldn't come up with good solutions to the problems above, so I'm not sure how much I'd enjoy such a feature.

This sounds like Fliggerty's http://www.fliggerty.com/phpBB3/cne/cne_main.php. But your mod is taking other characters and placing them in your game as companions?