No, because you will have doubled the number of vertices.

But ......

1. Load the original object.
2. Load the new subdivided object.
3. Advance to frame 30
4. Set the morph in the original object.
5. Enter the Cloth Room
6. New Simulation
7. Clothify the subdivided object.
8. Set to collide with original.
9. Assign all faces to the constrained group.

Now when you run the simulation the subdivided object will be drawn into the morphed shape and may be used as a new morph target.