With a good hex editor, a save game at the beginning, and a cheat sheet explaining the file format of the save.dat file from the fallout wiki, you can generate a character with maximum capabilities plus more (ie: maximum DR and DT against every attack, increase carrying capacity to some max amount of like 999).
If you want to learn how to take full advantage of hex editing and cheating, I suggest starting with a brand new GCD file just to figure out how to navigate and edit values. The GCD file can be generated on the custom character creation screen under the options button. Choose save and give it a file name. If you go into your fallout installation directory, that GCD file should be under the DATA subdirectory.
Of course, while you are cheating all the way, you might as well get the inventory editor and give yourself a ton of money once you have some money.
I haven't used the character editing programs, mostly because I remember them being buggy and its nearly impossible to edit the character in the middle of the game with them. With the hex editor, you can make a judgement about making certain changes and trying them out.