Sure, using KotOR Tool, you can edit party member stats & equipment.
Check out this thread for starters...
http://www.lucasforums.com/showthread.php?t=143421)
Then, when you've got KotOR Tool downloaded and installed, in the tree, expand: "Kotor II", "BIFs", "templates.bif", and finally "Blueprint Character".
Open a Party Member Template (at the bottom of the list in KT)
p_[insertpartymembernamehere].utc (i.e. p_atris.utc)
Make the adjustments you want, save the new template to your Override folder, then start a new game :)