MotionBuilder is very much designed for live Mocap. I have never used it for that, so I can not comment on it further.
Usually when you get Mocap data it comes in a file format such as .bvh. If you use a file that has been set up for MotionBuilder, the bone names are all ready correct.
Here is a large Data Base of MB friendly files:
https://sites.google.com/a/cgspeed.com/cgspeed/motion-capture/cmu-bvh-conversion
If you use files such as those it is very easy to characterize by just dragging a character icon from the asset browser over the hips of the bvh file in the Exporer and everything is automatic. From there you set up your rigging, again pretty much automatic.
The only real work comes in if the bone names are not the ones MB is looking for in which case you have to characterize one bone at a time and it does not really take that long.
From there pretty much everything is based around the control rig.
Good idea to do some research in the manual and some tutorials for specifics.