bloodsong, DAZ allows sqeezed morphs for their products. I don't know how brokered products fall under this, but as far as I understand it, squeezed morphs are only cool cuz DAZ says they are...any other product, and you would need the author's approval.

There is a free plug-in for Lightwave called Points2Polys. It creates a polygon mesh out of a cloud of verticies. I haven't had a chance to test it yet, because it only works on NT machines, but from what I read, I imagine it could turn a vertex-only obj and turn it back into something close, if not exactly like, the original obj.