Hello Karan,
For a similar requriement who developed a program that creates the rules. The selection screen basically had the necessary parameters and the condition table information with radio buttons. With this, we used a customized logic to create and save the rules in corresponding condition tables. We had to use many of the interchangeability relevant function modules that we got to know after debugging the standard transactions.
I hope you might have to design the solution something similar to this.
Babu Kilari