Absolutely!
In fact, you can even make a nice income out of it if you are a committed RUST skin creator too.
To create your own RUST skins, you will need to boot up the game and choose ‘Workshop’ from the in-game menu.
You will be redirected to the Workshop lobby which allows you to customize all equipment/ item that are available in the game.
However, you may sometimes be required to download certain essential files beforehand if you are looking to implement high-quality textures created by other users from the community, so make sure to check out some tutorials online regarding on how to do this effectively.