Conversion to a reasonable object is something I have yet to see done. The hair node can be uv mapped along the P node but Fibre Mesh hair out of zBrush but be a better option. I don't have zBrush so I cannot say for sure.

Regarding hair on a dynamic cloth. I did a tiger skin throw for a chair to demo the process on another board using Poser's hi res square. The results were fantastic. The render took 27 hours.

pdg