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Characters rework - not so sure - probably not (need more time to polish for sure or postpone if necessary).
This may be subjective depending on which race(s) you plays. Some races benefited from this, such as Hyur, Pototoes and Miqotes, but the little visual upgrade we see is just not so big to justify that our faces just looks unrecognizable.
And most other races just look different wihtout any great visual upgrade. I would consider
only a really big visual uplift to justify the risk of changing our old characters beyond recognition and piss many players. And I dont consider higher ress textures and a little more polygons in face as big graphic uplift

In case of M and F Viera, these look even worse compared to original, on top of butchering our old faces.
I think devs are reworking and fixing races one by one, with Hyur and Miqote being complete or almost completed and the rest of races still need some more polishment... and not enough time to polish everything in a little time we left until 7.0