I don't think dynamic boots is  a good idea. Boots are much better made as conforming clothes.

You could use VF to model the boots though, export them to Poser, and then turn the prop into a conforminig figure using the grouping tool and the setup room.

Though dynamic cloth can come in very handy when you want to make morphs for the boots. The trick is to assign the boot polygons to appropriate groups first (lThigh,lShin, lFoot, lToe,rThigh,rShin, rFoot, rToe), then run a cloth simulation on the boots with all vertices constrained, frame 1 in zero pose unmorphed, frame 10 in zero pose morphed. Export the cloth as morphname.obj, set frame 10 to another morph, rerun sim, export as morphname2.obj and so on

Next, import one of your exported morph objects. Load the grouping tool, choose "Spawn Props" and export the props one by one. I'd suggest making a subfolder for each bodypart, and export the lShin prop to the lShin folder as CalfFull.obj (for example), and so on.

Delete the imported and spawned props, import the next morph object, and repeat.

Finally, load the original boot figure, select one of its body parts (lShin for example), and load morph targets from the lShin subfolder. Repeat for all other body parts.

Now you have a pair of boots with morphs.

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