Many thanks for the info.  After experimenting with various morphing options I gave up and made it a figure.  This exercise was a test for a much more complicated prop that I had underway so it looks like it to will be a figure.  In the process, I spent a lot of time trying to disect the PZ2 files and understand what was controling what.  One thing that seems missing from the Poser documentation is good descriptions of the details for each file type. 

I tried to decided if embedding the geometry or keeping it in the object file resulted in any differences.  I suppose for large numbers of vertexes, it might be faster to keep them in the object files.  Also, using the object file makes it easier to change the UVs if you later need to.

As for making morphs in Carrara, the suggestion to bring the morphs into Poser as an object and make sure they are absolutely aligned with the object works.  It would be great if this step could be skipped but I did not find a way to do this without some ugle artifact like scaling or translation occuring.  The reasons for this are not obvious to me.  If I used the same object in Carrara and moved some parts on the object, not the object itself and then exported it as a wavefront object, you would think it would align in poser...it doesn't, at least it hasn't worked for me.

This has been an interesting excursion that I hope benefits others.

Thanks to all!