I just uploaded a V3 figure that I made in Poser 5, just had to locate the .obj.  After that everything came through, check the material room and everything that was there in P5 was there in P8.

Haven't saved the character brought up.  However I don't expect that P5 will be able to recognize stuff because the figure is now advanced beyond that of P5.

When I just had Poser 5 and had clothes designed for V4, a statement would come up stating that the clothing was different than expect, but it would try and get everything.  That would probably be the same for translated P7 figures, P7 would have a hard time recognizing everything.  Jan