If I purchase this bundle, will I still have the ability to export my character into the Unreal Engine 4 just as I can do 5 times with the free Character Creator download?

With the full version of iClone/CC you can export characters as fbx files, but there are a number of restrictions. Firstly, if you want to export fbx files then you will need to purchase the iClone + 3DXchange Pipeline bundle to accomplish this. This will at least permit you to export any default content in fbx format. Any additional content that you wish to export in this way would require you to purchase the Export License for each Pack/Item. The export price is always listen in the product information page in both the Content Store and Content Marketplace.

Gerry

---

System: Win 10 Pro (21H2), Asus X99-E WS, CPU i7-5930K -3,5 GHz, 32 GB DDR4 2666-16 RAM, NVidia GTX 1080 Ti GPU - 11 GB VRAM(Driver Studio-536.99), Samsung 850 Pro 512 GB SSD, 6 TB HD storage.

"With the full version of iClone/CC you can export characters as fbx files" - "Firstly if you want to export fbx files then you will need to purchase the iClone + 3dXchange Pipeline bundle"  I wasn't sure what you meant by all of this, mainly because you said in the first sentenced that I could export characters as fbx files with the full version of iClone/CC, but then you went on to say that I can't do it with just that alone; but that I need the iClone + Pipeline bundle to do it.
  
  Any additional content? Like items and apparel from the store? Say I simply want to export a naked character model, would I need to buy an export license then too?  Because I'm getting the feeling that I won't be able to export my characters as naked models with the fbx file format unless I buy more than the $199 iClone/CC bundle.   If that is the case, what exactly would I need?

The $199.00 bundle has no export ability.

To export you need:
Iclone (CC is included with iClone)
3DXchange Pipeline
Export license for any content you purchase from the Content Store or Marketplace.

the embedded content does not require an export license. That means the content that ships with iClone or Character Creator.

So look for a bundle that includes 3DXchange Pipeline if you wish to have FBX export.