As long as V4/M4 are in the same folder as their morphs everything is in order.  However, initialization must be performed after each morph pack is installed; don't install all the morph packs at once then run initialization.  The old installers had that feature automated, not so with the zipped files.

Any newly created folder for Poser must have the runtime folder also created within.  Then all content must be placed into the runtime.