If you know how to work with Photoshop, I would go with Flying Mice, LLC's way of doing art for a rpg, which I believe is just photos of people layered on a background and the Smudge tool is used. Personally, I really, really like their art. And I think it would be a great way to generate very good art cheap (of course you would have to pay $600+ for Adobe Photoshop if your planning to use it to make money with it).
Take a look around their site and click on the game images to see what I'm talking about:
Flying Mice LLC RPG Page
Chine Games Aquavita RPG Page
But, again, if Chaosium is footing the bill, hopefully they can get a really good artist.