After the first version I worked on an alternative approach to obtain a Soft Body Simulation, starting from a custom model.
The idea behind is to simply have one model drawn in any of the available 3D modelling tools, export it and have it transformed automatically into a jelly object :).
Initially I spent some time writing the algorithm that have to import the model and filter it in order to obtain the malleable mesh we want to interact with.
This was initially representing only the skeleton of the figure. A secondary problem to solve was the ability to render it using the original textures intended to cover the object. This required some extra thought because of the needed filtering process that necessarily modifies the original model structure.
The result is quite satisfying and (being a fan of auto-generated features) it is quite impressing to been able to simple draw a model and see it moving without any other step :).
A sample, from original model to its animation, is the sequent (no, I am not a 3D modeller :P):