SetSkin() - Player models

I was struggling with changing a players skin, because apparently i’m unable to in realtime.
Instead of having a bulk of models with different skins, i’d like to just change the skin. To conserve on space.

Are there any other ways?

If i’m not mistaken, when you say player skin you mean player model? If yes you would use:
http://maurits.tv/data/garrysmod/wiki/wiki.garrysmod.com/index3c38.html
and
http://maurits.tv/data/garrysmod/wiki/wiki.garrysmod.com/index5952.html