Like in Might and Magic II, this put characters' names in 0x80+(ASCII value of character) with the last number being the ASCII value of the character. For instance:
Holly in ascii = 48 6F 6C 6C 79 becomes C8 EF EC EC 79.
With what I'd learned from MM2, it was easy just to search for 1)the ASCII and 2)x80+ASCII--I even used the utility where I add 0x80 to all bytes.
I noticed that the next few bytes corresponded to my players' stats, so I tinkered with them. To find skills I simply started at one byte and made it 01, the next 02, and so on up to 3F. When I played the game, I noticed one character had a LOT of skills and noticed what went to what value. I also wound up mistakenly killing a player, but that was reversible with my hex editor. This also allowed me to find out about volunteers' beginning attributes without much pain.