Thanks again EB + ockham. I've just released the result of all this (my first morphing model - a chess pawn) as a freebie. Letting Poser create the deltas saved me a lot of work.

Does anybody have any suggestions on a good way to extract the PP2 data from the PZ3?
MorphManager, with it's expand/collapse facility, is good for seeing what's in the PZ3. That helped me find the bits I wanted to delete. But I ended up using a plain old text editor to delete the bits I didn't need. Definitely an error-prone way to do it.

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The 3Dcheapskate* occasionally posts sensible stuff. Usually by accident.
And it usually uses Poser 11, with units set to inches. Except when it's using Poser 6 or PP2014, or when its units are set to PNU.

*also available in ShareCG, DAZ, and HiveWire3D flavours (the DeviantArt and CGBytes flavour have been discontinued).