there is another thread that NuclearGlory posted on... commenting on where the collision sphere is created at... and he pretty much said the same thing... reduce your collision radiud... or change the center point of the object in the modeller...
if the center point is in the feet... that is where the sphere will be made...
but as for 1st/3rd views, have the 3rd person use a smaller radius or something... and for the 1st person view, have it change the collision information
==Main Computer==
Athlon XP 3000+, 1024mb, Radeon 9800 Pro 128mb 8xAGP, XP Pro