Did you try reinitializing the figures? (Not sure if that's necessary, never figured out what they were trying to do with that mechanic..)

You could, however, create a V4 CR2 with all the morphs you want in it, then edit that CR2 to point to the M4 base .obj file. (It might be a good idea to create a differently named M4 .obj, just so you don't risk any problems with the original if you make a mistake.)