...it wouldn't make any difference.
A Barack Obama figurine is a Barack Obama figurine, no matter how much you say that it's actually a figurine of Boback O'Rama, a random person that coincidentally looks identically to the former US President.
California Civil Code Section 3344(a) states:
Any person who knowingly uses another’s name, voice, signature, photograph, or likeness, in any manner, on or in products, merchandise, or goods, or for purposes of advertising or selling, or soliciting purchases of, products, merchandise, goods or services, without such person’s prior consent, or, in the case of a minor, the prior consent of his parent or legal guardian, shall be liable for any damages sustained by the person or persons injured as a result thereof.
Not make a living posing for pictures without consent of the said celebrity?
Re: "get real" - the law is pretty real.
Things like parody are protected under fair use, explicitly.