vilters: the problem with that solution is that the low res figure has a different poly count and can't be used for morph targets for the high res version. I suspect the workflow 3Dream had mentioned involves a 3rd party app and some retargeting of morph from low to high in that app before exporting there  and importing as a morph target. sounds too much for me. 
Why not just morph the high res figure? if that is your target.

Deecey: Thanks!