I have PP2012 64bit, SR1 on Windows 7 Ultimate 64bit, loaded Mike 4 and conformed JoeQuick's Mach 1 Pt5 bodysuit and it's skin tight (ShareCG) by dropping onto the figure. Everything is where's it's supposed to be :). I don't have external binary morph targets turned on either.

In the preview there are two tiny dots of skin under each moob, but do not render. Only the suit renders. No poke.

You may have to consider your OS and whether or not you are using the 32 or 64 bit version of PP2012

Laurie