So, here the trick I had tested.

• Copy the following folders from P5 to P4
• Goemetries/P5xxx
• Textures/poser 5 Textures/figure textures/xxx
• Create new folder in Libraries/character/xxx (replace xxx with which ever character/folder you need)
• Set P5 preferences to do not use compression
• Load your character and save to new library, this saves a .cr2 which P4 can read.
• Copy .cr2 from P5 to P4
• Load new figure and save as PZ3
• Load Vue4 and import to your scene and you are done.