Just to share an experiment:

David from Daz3d can be transformed into a female character... Yes, it works well.

1 -  V3 ALL body and head morphs, applied into David cr2 (using Morph Manager)
2 - Most of breast, hips, buttocks, and thighs morphs etc works well. Face morphs, almost OK.
2 - Some free V3 texture (no remapping)
3 - If you want, www.philc.net Shape Shifter phyton script to change David's head (from V3 ou SP3 head) - If not, a bit of tweaking, otherwise, its face will seem a little odd female, but after morphs it's still a female face.
4 - Dial morphs tweaking, mainly body, as you want your female character looks like.
5 - If you want the finest result, use some Poser magnets here and there
5 - Presto: You got a new female character.

 That's it. Just like I said before: Just an experiment, but it works well.

Interesting ... I wonder if this could be done with MorphMagic ?

It works with other morph sets as well. Capsces has a CR2 at her site which loads David ready to take her Rayne morphs. It works well, though I haven't been able to make the results completely convincing yet.