For hair and cloth control that you want, I'd advise the upgrade. You're just a version too old for that stuff I think.
With hair, you can paint a decal and put it anywhere on the body. The hair can be made to stay within the area of that decal(even with alphas). Look at the Hash tech talk on it.
It depends how much you want to texture....if it's just small portions here and there, you're better using seperate decals here and there. If it's most of the body, you're best bet is to put the UVs onto one map. You'll find a tutorial by Will Sutton if you search the forum for "uv tutorial".
Can't really help with cloth or rigging.
Upgrading now will entitle you all new versions until december/january. Upgrading later in the year will entitle you all new versions until december/january.