Proper Way to Replace Skinned Mesh

I have a skinned character with a default shirt and pants and I want to replace the shirt and pants with other models during runtime. I was wondering what the proper workflow is for this?

Details:
I am currently Instantiating a copy of the shirt from the character. Then replacing the sharedMesh on it with an instantiation of a prefab of the new shirt/pants.

Code (CSharp):

1. public GameObject ReplaceSkinnedMesh(GameObject objectWithSMR, Mesh replacementMesh) {
2.         // Store important var information.
3.         SkinnedMeshRenderer smr = objectWithSMR.GetComponent<SkinnedMeshRenderer>();
4.         Transform[] bones = smr.bones;
5.         Transform rootBone = smr.rootBone;
6.         Transform parent = objectWithSMR.transform.parent;
7.         string name = objectWithSMR.name;
8.         Material mat = smr.material;
9.  
10.         // Create new instance so shared mesh doesns't alter every other instance.
11.         GameObject newObjectWithSMR = (GameObject)Instantiate(objectWithSMR, Vector3.zero, Quaternion.identity);
12.  
13.         // Replace old object with new stffg.
14.         newObjectWithSMR.name = name;
15.         newObjectWithSMR.GetComponent<SkinnedMeshRenderer>().bones = bones;
16.         newObjectWithSMR.GetComponent<SkinnedMeshRenderer>().sharedMesh = replacementMesh;
17.         newObjectWithSMR.GetComponent<SkinnedMeshRenderer>().rootBone = rootBone;
18.         newObjectWithSMR.GetComponent<SkinnedMeshRenderer>().material = mat;
19.         newObjectWithSMR.transform.SetParent(parent);
20.  
21.          Destroy(objectWithSMR);
22.         return newObjectWithSMR;
23.     }