Vest you should add this for those who have problems trying to WM their clothing and the morphs don't work. Its a longer step but it works.

 

The best way is to update your Poser to SR1 (cause it fixes some problems).

Next follow these steps for a decent conversion

Save your clothing item with binary option off. You can find that option under Edit/General Preferences/Misc
Turn that option off.
Next load the clothing item you want. Save it.
Now you open up the Poser place python script that was used for V4. You do pretty much everything the same except instead of loading V4 you load your saved article of clothing.
Hit run.
You can go back to the General Prefs/Misc and recheck the binary option. Since all the morphs will work. Save your clothing..(you can now delete the clothing you saved earlier.)
Bring in V4...Conform...Then go to Figure/Copy Joint zones from...Select V4...boom done and you now have clothes for your V4WM.

If you pose and the clothing moves. You can Copy joint zones again. This works on a lot of clothing not all but a lot of it.