And here is the Blender solution I came up with. (click to enlarge)

Build a helper object.

Save out the figure and the helper object as a single object. Do your shrinking to this single object.
I build the helper object in this demo to knee height,  to show the result above and below the knee.
The shape and position of the helper object is not critical and the same helper object can be used for allmost all figures. => Because most figures are similar as I showed above.

Above the knee the clothing shrinks normally And below the knee (where there is no helper object, the deformations .

Hope this can be of some help.
Happy Posering
Best regards
Tony

ps, you can load the morphs in the figure, load the helper object, save the lot out as a single object file and shrink to that one.
So you can shrink your clothing around a morphed figure. :-)

For long dresses, you can make a long helper object.
For "shaped" dresses or "wide" skirt dresses, you can shape the helper object for the form and shape you want the skirt to have.

Poser 1, 2, 3, 4, 5, 7, P8 and PPro2010, P9 and PP2012, P10 and PP2014 Game Dev
"Do not drive faster then your angel can fly"!