Yes you have wasted a lot of money and if you insist on using the custom V3 male morphs you are going to have spend even more.  To get M3's clothing to fit V3's rigging you will a utility like Cross Dresser or Wardrobe Wizard.  And that is just to adjust the rigging, the morphs will then need to be transferred to the clothing and I don't know if those utilities do that.  But even if you decided to use M3 not all clothing is going to have all morphs, Studio has a Transfer Active Morphs that does a good job on most clothing.