I do it all the time.  I've got a couple of skirts for P6 Jessica that work better on V4 than some of the V4 skirts do . . .

I've used male items on female figures who have small bosoms to avoid the crease issue mentioned above.  (Shirt / skirt combinations are sometimes necessary, instead of dresses.)  Dynamic outfits are quite versatile.  I can't get a conforming skirt to look good on a sitting character.