If all else fails...

convert the clothing to one whole mesh object and clothify it.

Or...to say it another way: export the clothing as an OBJ, choosing to keep all groups and to weld the seams, and no world transformations.

Delete your offending clothing from scene.

Import your OBJ cloth. Turn off all import options. The clothing SHOULD pop back into the same spot you just deleted the conforming clothing from. If not, don't panic; just move on.

Hide or delete everything in your scene except
 the Ground prop
 cloth OBJ
 and your figure.

Go to Cloth Room.

Clothify your cloth OBJ.
 Choose 1-2 Drape frames.
 Choose Self-Collision.
 Collide Against should be set to
   the Ground prop
   cloth OBJ
   and your figure

Inside Cloth Room, go to section 1., and choose Run Drape. This SHOULD make your cloth obj fit your figure. If not, exit section 1 and choose Calculate Simulation. Usually 5-10 frames is enough. Your figure must NOT move during this time and must not have any other morphs applied other than the one you want to create a new morph for(GND). SOMETIMES you have to have your figure with NO MORPHS on frame 1, and then have all your desired morphs applied at a later frame(5-10 or so).

Watch.

Once you see your clothing look like it's fitting properly Cancel the simulation.

Check. Look good? If not, rinse and repeat with different settings in the Cloth Room. Maybe more Drape frames would easily fix things and Draping goes a LOT faster than Calculate Simulation.

Now export your newly morphed cloth OBJ with same options as before.

Hide your cloth obj prop in scene.

Get your original clothing item conformed to your figure once again.

hey? still there? good!

okay. Uhm...now you need to do a little side-by-side comparison so...

re-import your morphed cloth obj(yes I KNOW its already IN the scene!!! Just do what you're told!!! >..< !!)

Now...move this morphed cloth obj next to your morphed figure so you see your figure AND the original clothing its wearing.

Now out of the Cloth Room and back into the Pose Room.

Select your newly imported cloth prop.

Using the Grouping Tool, spawn a prop for each body part of your cloth prop, remembering to name them the same name as the body part they came from.

Export each of these body part props to somewhere safe and roomy. This can take a looooooooooooong while to do. Its no fun. At all.

Take a deep breath.

Select your original conforming clothing.

Now for each and every body group prop you made...you'll be making a morph in that corresponding body group.
 In other words...click the body part on your conforming clothing, choose Load Morph and the find the corresponding body part(i.e. larm to larm, chest to chest, etc.).

NOOOOOOW you can spawn a FBM! Erase all those body part morphs if you like or choose not to give a rat's shiney patoot.

Once you're done with all that you should see your conforming clothing fitting your figure like a glove! If so, save that conforming clothing to the library as a new modified figure when you're done with all this madness! Dont save over the original figure!!!

If you are still alive after this ordeal please consider yourself slightyly insane. I bet you'd rather use Morphing Clothes again until things look better, right?! HAHAH