Thanks guys, at least now I know it's feasible.
Unfortunately, I'm not far enough along to demonstrate any examples or a capx file (plus, I'm using borrowed sprites for now and don't want to risk copyright problems by posting it in this forum) but I think I understand what you are both saying.
Magistross, to answer your question I only want one playable character onscreen at a time (for now, anyway). Are you saying that means I have to only have one player object? If so, can I tell C2 to change platform properties and general commands/conditions depending on which "animation" (i.e. character) is visible?
Either way, this is something I won't be adding to the game for a while, but I would just like to begin thinking about what is the easiest and most efficient way to do this.