Quote - > Quote - > Quote - Going from a female to a male leaves terrible deformations around the chest area. If you add morphs it gets even worse. And then if you add texture stretching if becomes very bad.

This is where I feel UV swapping could be handy.

Yep, exactly. UV switching is a stroke of genius, imho.

UV switching isn't going to help mesh deformations like in the chest area. If you apply a clean uniform texture it is still distorted

UV switching is a good idea when you have different type of figures, but there is a limit to how much different textures you can have for all different type of figures. Example: A texture for female, male is easy, but add a troll, dwarve, big or small chested woman or a child and it gets unmanageable.  For relatively uniform textures such as skin maps it is OK, but for detailed clothing with embroidery it will be clearly visible