If I want to continue working with the hair, I'll have to stick to Poser 7.  Saving a morph won't really do much since it's a cloth hair.  Reopening the project again in PP2012 to work on materials and so on would work though.

The idea has been to make something that can eventually be distributed, but it'll be hard to make anything that can be distributed if people are forced to use a certain older version of Poser.