Going over the 32-skin hard limit?

Is there any method of sorts for going over Source’s 32-skin limit? I have a fairly large and complex model with a lot of skins and bodygroups. SFM’s studiomdl goes around the old bodygroup limit, but I can’t compile the model with more than 32 skins. I’ve tried cra0kalo’s studiomdl to no avail, as it crashes due to .dll errors.
Is there any other way to go over the limit?

Unless you find another compiler which doesn’t restrict over 32 textures, I don’t think it’s possible.
Source Wiki says: “Allows up to a maximum of 32 alternate material sets. Limit hard coded by studiomdl.”

I was making flags few years ago, http://forum.facepunch.com/showthread.php?t=1097764&highlight=flags
and ran into same problem, I had to split from 1 model into 2 or more, so 1st Model - 1-32, 2nd model: 33-65 and so on.

The DLL issue you’re having is caused by lacking the edited DLL files from Cra0kalo’s hacked StudioMDL, the following method that worked for me.
First, download the “StudioMDL + Libs
Once you have both, take all the .dll files and put them into the folder where StudioMDL is located, typically in the Source SDK 2013 Multiplayer/Bin folder.
This should fix your issue.