Attached Link: http://www.3dtoday.com/Tutorials/2000/sept/posermorph/default.asp

This tutorial by Steve Shanks is a good introduction to making morphs with Anim8or. However face morphs are difficult with any external program, as you say, you can't isolate the bits you want to work on. I'd suggest hunting down Dr. Geep's magnet tutorials and getting to grips with Poser magnets. Bear in mind that this is a hypocritical suggestion since I have not yet succeeded in making them do anything useful for me, but there you go. :-)