Conniekat,
Yes as **dvlenk6 **mentioned above you can import every morph you wish.{they don't have to baked, that's just a personal preference}
Don't freak out over the fallof zone's, all you need to do is paint some blendweights so the transsision from one envelope to the next one is smoother.
Since the vertexweight is baked in you don't need to tweak the envelopes.
Don't paint to much vertexweights because you get in trouble fast with that much vertices.
Rigging is almost zero, all you need is a biped with the same figure structure as you import.
If you wanna give it a try i good give you the fig.file and your ready to go.