Yes.
The suit would enable me to morph a piece of cloth. Even from M4 to V3.  The suit would be a prop, not a figure, so it possible make a morphing one.

But: To use the morphed cloth as a cloth on V3, you would still have to turn it into a new figure with a V3 sceleton. The suit would only be used to get the initial shape of the mesh, to fit V3's body.

The suite would be a reference shape. Morphing it into the required target character shape removes the problem of altered mesh topology between the figures.  I think it also removes some copyright issues. Dynamical analysis of a mesh is forbidden by DAZ's policy, I think. But they cannot deny the analysis of a body suit that was built manually.

Rigging the morphed shape would be a further task, manual, or automatic.

Automatic rigging might be a bit tricky, yes, but reshaping the mesh is not a triviality either.
For rigging, I guess you have to copy the V3 skeleton into the figure, and find some algorithm to assign cloth verts to the body parts, maybe also joint parameters. But that should not be impossible.

Especially, if one had an open source concept for this, many people could contribute ideas on how to solve the various subproblems.