I don't think so, but I don't know the Mike suit.

What the current generation of Poser figures have are multiple materials, so that the main part of the body can be set up differently to the arms and legs. Likewise conforming clothing (which is a special sort of figure). With a clothing figure you can set a body-part invisible, which is fine if the boundary is in the right place. That leaves the rest of the figure displayed normally.

Anything which uses transparency has all the transparent material shown in the preview as that ghostly dot-pattern. The V2 Catsuit is a single material, so the whole suit does that. (Pauses to check) The recent Hiro 3 bodysuit has materials which more-or-less match those for the Hiro 3 figure, so those materials which are completely visible -- no transparent areas -- don't need transparency to be set, and are normally visible.

Some clothing sets have MAT poses which turn parts of the underlying figure -- the feet, for instance -- invisible to avoid problems with poke-through. It could be a useful option for the clothing you're making.

A few clothing items have used remapped versions of the catsuit -- some of Gorodin's texture sets come to mind. There's no reason why you couldn't use UVmapper, or the Poser grouping tool, to split the V2 Catsuit into useful material zones.

(long wait)

OK, that's how I did the picture. I imported the .obj file, made temporary groups with names such as "ShinMaterial", and when I had the groups with the right boundaries, assigned the group to a new material. Then, when all was done, I deleted the temporary groups. Save the .obj under a new filename, load the .cr2 into an editor, change the geometry reference, and save the new .cr2.

At this point, Bob is your parental sibling of choice.