Yeah, Bagginsbill has been discussing "Morphing Props" in a recent thread and is using a script... some sort of procedural geometry generation to rewrite the UVs after a prop is morphed into a new proportion / shape... at least that's how I understand it.

Anyway, he's figured out a dynamic way to avoid the texture stretching you mention... I believe. But he's not published a way for others to use his technique there, as yet.

Otherwise it looks great, as a model of that Coleman cooler... does indeed look spot on to me