Go for it! The more working on it the merrier!
These are my notes on what I done so far...
Lilly (G8F) Assets
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Body/Head: Sewa for G8F
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Skin: Raine for Genesis 3 Female contained in
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Hair: Double Tails Hair for Genesis 3 and 8 Female(s)
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Eyes: Twizted Eyes MR G3F
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Nose piercing: Piercing Collection for Genesis 3
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Right Arm Tattoo: LIE Tattoo Presets 2 Bundle for Genesis 3 and 8
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Genitals: New Genitalia for Victoria 8
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...Genesis 3 character skin can be applied to a Genesis 8 character with no problems, at least so far anyhow. My MAIN issue was I was using Raine (G3F) for some bits of Lilly. So I went with 100% Sewa who is available for both G3 and G8 and then just made some relatively minor adjustments via the shape tab mostly to match up. The eyes were the biggest difference as I expected, but with a little resizing they looked a little better. Mouth shape was adjusted as well slightly. Hair exists for both G3 and G8 so that was easy (with adjustments). Tattoo is available for both, thank GOD because I didn't want to have to mess with that! hehehe... the eyes I used were G3 only, BUT they worked on the G8 model.