Well Red Dead Redemption has preset characters, but a load of 'em. That's what I would love to see. If you were able to chose any character in Bully S.E. in Multiplayer mode. I'd be Algie and kick everyone's Ass haha.
But that idea wouldn't work because everybody will just pick Jocks or Russel simply because they are the strongest kids in the school.
Well, they could be unlockable groups OR you could play as 'new kids' such (customize hair, clothing, facial features, etc) as Jimmy and have to 'level' up, per se. This could be done similar to the style of Saint's Row II, where you make your character, but it's never indicated whether or not you're male or female when NPCs speak to you. Perhaps you could even join a clique later in the multiplayer if you do certain missions and reach certain 'levels' of respect, popularity, strength, whatever. I think it would create a VERY open atmosphere and would also pave the way for LOADS of DLC.
So, say you want to be a Greaser, you have to fight XX preps, vandalize stores they go to or their homes, dress like Greasers, etc. Like you have a certain criteria to meet prior to your clique initiation.
So this way, you won't have three Algies running around, and everyone will be different.