Now, I'll discuss my method to get the morph you see above.

First, as I said, I use Colorcurvature's PoseMorphLoader available here:  http://cgscripts.colorcurvature.com/morphloader.html

This is a python script which will export your necessary objects welded while retaining groups.  This makes morph creation easier because you are freed from the morph, move the separating groups back together, morph some more, repeat.

I load the figure and the clothing (and pose if you are morphing to a specific pose) invoke the python script and export the pertinent objects.  In this case, I simply zeroed the figure and exported the figure and the hoodie to object files.  At this point I save a scene file in Poser because I'll need it when importing the morph through PML.

I bring both objects into the modeler and set about tugging, moving, smoothing, tugging, moving, smoothing to get the morph I want.  By smoothing, I am simply using a displacement brush to smooth vertices that get stretched so that I can avoid severe texture stretching with the morph.  I find it easier to smooth those issues as I go rather than trying to manage a big job at the end.  But, that is personal style and one you will develop as you create morphs.  Once you are finished, export the morphed object to a temporary location (you won't need it again after importing).

Once the morph is complete in the modeler, it's back to Poser, open the saved scene, select the clothing>Body from the menu and being the import procedure through PML.  I supply the morph name, the object which was exported out, and the object creating the morph.  At this point, PML does the necessary calculations, loads the morph and creates the named parameters dial you supplied. 

Test the morph to ensure it's working properly, zero it and save the CR2.