First of, I'm very happy to see you guys answering in the comments, that's absolutely awesome :)
It's very interesting to see, from your answer, where the priorities / constraints are etc.
However, let's be real for a moment. There are so many things that could be done to go around the memory budget: New settings, asynchronous / lazy loading, LODs...
Ultimately, it's still one (or two) guns per person per round, unless you thought we wanted mid-round skin switching, it really doesn't change the total amount of skins to keep loaded at any given time.
I want to take Fortnite as an example. The game should be an absolute hell for mobile and low end PCs, with all the new character, weapon, FX, etc... skins that are added all the time. Yet they do manage to keep everything performant while using the same engine as you guys. Seems like they figured this thing out :p