There is really no way to get it to work--functionally.
Remember that it's not just movement that's difficult--it's guns. Not just is shooting difficult, but unless you only ever have one weapon, you're in a bit of a problem. DBPro is truly an only bet with this--an edit of the source to fix the camera and direct and entity would do it, but these things are hard-coded, and hence, DBP comes into the picture.
And even then, it will take a lot of work. You have a huge amount of code to sift through, and it'll take a long time to get it working right. In the end, the timescale could take forever. I'd say 6-8 months, but you'll need to know what you're doing--in DBP--to have any luck.
Remember--the problem isn't only in the camera. It's the "player", and the weapons, that make it difficult.
Oh, and Liz--RE4 isn't 2nd Person... RE4 is 3rd person.
If you've seen or played the (highly better) RE games before it, you'll see 2nd person--a static camera does not move, and the camera switches to another angle when necessary after the player moves out of the field of view.
EDIT: For reference, a 3rd person game is highly, highly possible. All you need to do is make the
character a gun, and have the movement animation as the player running, the shooting animation as the player shooting--all you need to do is highly alter the flashes of light (the name escapes me at this point), and you're done. It wouldn't be optimal, but it would work.
Evil has a new name. Demo out now!