Got the rather battle-worn and scared iMac with the NVidia 650M on Friday.
tl;dr: I was wrong about the VRAM requirement, as at least for the 330M-750M, all these nVidias are mobile chipsets. They use memory sharing to get around the 256-512MB of RAM they have available. So that shouldn't matter so long as the system has enough RAM otherwise to run the game and the OS.
Still not sure what the problem is, but it looks like the base color of either the shirt or character's skin (if nude) is applied to the entire character model. There's also some flickering on the model when certain shaders are enabled. Don't necessarily think it's a compression issue, as it seemed to work correctly for floor tiles, when enabled.
So we'll have a good play with the thing over the next week or so, and see where we get.
Tried adjusting both the 2x textures and texture compression, no effect. No Mods active. Game seems to be running smooth otherwise. Well 10 or so minutes in at least.