I find MorCloth to be the best to transfer morphs of a figure to clothing for the same figure.

Example: Mike 4 to character called Korgian, Save Korgian as a character in your library, run Morcloth using Korgian as the target character and loading whatever clothing you want from M4's wardrobe to fit him and it does it simply and effectively and also saves it to your library as a new cr2.
This only works for figures of the same type.
If you want to use M3 clothing on M4 then WW2 is the way to go IMO!

Injustice will be avenged.
Cofiwch Dryweryn.