I like the way you think! I had the same idea a while back and tried my hand at doing exactly what you are asking, unfortunately I didn't have much success. This is surprisingly more difficult to do than you would imagine, at least for an noob like me. I managed to make the human hair available for elves and while it wasn't the best fit, it didn't look too bad. Then the bone weight got messed up and after much frustrations I eventually gave up.
While I might not be able to help you much, I can point you to some great tutorials I managed to find. It was a while ago, but I hope I don't forget something. Here are the links:
These two sites (+ bone weight) should explain everything ,the youtube videos from the first link are an absolute MUST. The quality isn't the best, but EVERYTHING is explained. They are porting a hair style from different game to dragon age, but don't skip or you might miss something importaint. These are some more helpful advice, tips and links
I do hope you manage to get everything to work properly in blender. That was an absolute nightmare for me. Also I had a lot of trouble with the Import/Export Script, since it's very outdated. Anyway give it a try maybe I did something wrong.
I eventually managed to find a different script on some other site I don't remember, so Google search everything. I would post them here, but I deleted them back then. Sorry
If you succeed do let me know and please share the results. I would love to see it. Good luck