Everything is V1/V2, right?  There is no situation where you are trying to adapt morphs from one geometry based figure to another?  You are just wishing to use a set of morphs on a different character of V1/V2?  The following works peachy keen on V4, but I have not messed with V1/V2 in a looong time, so I have not used this on them.  Just remember - V1/V2 morphs do not work on V4 Nor V4 morphs on V1/V2.

 

Get Binary Morph Editor (PMDedit) by D3D.

It will:

convert CR2/PZ2 based deltas into a PMD file.

Generate an INJ (&REM) PZ2 that you can use on any figure that uses the same Geometry.

Give you the option to have a Master control dial in BODY for each morph.

With the Set Initial Value selected, have a valueParm in BODY and targetGeom in the involved groups that can be further edited to have the morph dial show the name you choose and set limits and trackingScale to functional values.  (The higher the trackingScale value, the less turning needed, but the fewer variations between 0 and 1.0.)( Set and Force limits and you do not over shoot when turning a dial.)

Assign each morph to a group if you wish to have them organized.

 

Rather than having to copy morphs into each CR2, you make one pose file and can use that on any CR2 in the Geometry family.

An OBJ morph can be directly converted to a PMD file, but a separate PP2 for each isolated group (or the group that is the morph) must be available. I cannot get it to work using the full figure Geometry.  Poser will generate a PP2 for a group easily enough from the Imported group.  You can even Export an isolated group from Poser to use for the Import, but I trust UVMapper more for group isolation.