OK, that was a lot of words to get to

1. Load the M5 character from the correct content folder
2. Load a hair figure to the supergroup level of M5
3. Select the hair group figure level and use "fit to", choose genesis, and Carrara will apply the morphs
4. Select the hair figure group and double click the material set that you want applied
5. Repeat for each clothing item.
6. Select Genesis figure group level and double click the pose or expression preset that you want applied.

I didn't do anything advanced or complicated, and in this case there was no poke through.