I had assumed that someone was already doing this. From Second Life Figures Get a Life:
Buckbee is the first to get his service off the ground. The virtual designer creates a three-dimensional model of a client’s avatar using screenshots taken in the world of Second Life. He uses an open-source design tool known as the OpenGLExtractor by Eyebeam OpenLab. After tweaking the model to make sure that there are no overly fragile parts — hair has been a big worry — Buckbee sends the design to the client for final approval. The digital file is then turned into reality using a 3-D printer made by Z Corp.The final price? Typically less than $100, which has convinced some denizens of Second Life to give the process a go.