I model in MilkShape, save as an MD2, create the skinmesh in Npherno's Skin Tool, save the bmp with the wiremesh on it (select all, Skins > Skin F/X > Outline Selected) and resave the MD2, load up the wiremesh outlined skin in Photoshop and paint it, then load up the md2 in Milkshape and just load up the material and hit assign. NST makes multiple view skinning really easy - you just lay out a wireframe mesh on your bitmap from multiple sides by rotating your model in a 3d view, selecting the polygons (eg face, torso front, torso side) and then drawing a square on your flat bitmap, and it's all automatically mapped. You can then move around your mesh on the bitmap and rejoin some of the vertices. If you're interested, you can get NST v1.0 from:
http://aeq.virtualave.net/dls/nst-july07.zip And check out www.burnitbaby.co.uk (Helping Hand) for a complete walkthrough of using NST to map a complicated model from multiple sides.
Hmm, I've raved about this before, but it's the best (and free!) tool I've ever found for skinning... Hope that's of use.