I have a python script which does this - and it works well, although you need to manually merge the diffuse, bump and specular texturemaps into one using Gimp, Photoshop etc.  The python script just re-UV's the figure.  It only works for Roxie or Antonia, but if you know python you would be able to modify it for V4.  It also merges all the head and body materials into one.  I can post if here if you like, but it's uncommented, unsupported code, so you'll need to know python to make any changes.

I originally wrote it so that I could subd figures and then edit the mesh for just the skin material in ZBrush.

Paul

Creator of PoserPhysics
Creator of OctaneRender for Poser
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