A number of very good points, thank you.

Providing that the prop has external geometry the ability to convert Dynamic clothing is already available in the current version of Wardrobe Wizard.

The one that I was expecting, but not mentioned yet is the option when converting to a morphed version of the base figure to add the conversion as a full body morph of the original clothing. In this way clothing could be created with morphs that would match the body morphs of the figure.