Mike,

I don't have Blacksmith so I don't know what this program can actually do.
Creating a geometry that has all the necessary extra polygons included isn't the problem.

The problem is, as I wrote in my post, to adapt the joint zones and to bring back the morphs.
However, if all that Blacksmith (or any other external modeler) can do is creating a Wavefront object which is imported back into Poser as either a morph or (in my suggestion) a body part replacement, then I'm afraid that, in order to integrate it into your figure, you'll have to resort to the tools which Poser currently has. (And some are really magnificent)

Of course, if Blacksmith has the tools to make the projected modifications and then export it as a "Poser-ready cr2 figure", that would be a completely different story (and a serious reason for me to consider buying Blacksmith).

Because, you see, I've been fiddling with what you suggest in your OP, for some time too.
(Though my motives may differ: being a little pervert ;) , I rather think of nipple rings and other body piercings to stay in place, no matter how the body bends...)

So let's see if there are other suggestions posted. This could become very interesting because it once more pushes Poser 3D to the limits.

Peter