Moogal, you are asking a lot out of a low-end piece of software. You seem to be asking for Zbrush levels of modeling adjustment - just get a copy of Zbrush, or blender, or even Hexagon, if you are a masochist (Can you tell I have used Hexagon for too many years?).

Geo-grafting is simply parenting another object/prop to a character. We've been able to do that since at least Poser 5, that I am personally aware of. It does have a fancier name though.

There are ways to make the clothing fit better - the problem is that it takes more than just a couple of clicks, which means that most folks will simply whine that the software should do all of the work, so they don't actually have to do anything.

If you want clothing to always fit, use dynamic clothing. Once you use it, you'll be kicking yourself for not using it sooner.

If you insist on using conforming clothing, my suggestion is as follows:

1. After installing the clothing - delete every non-movement morph. Stay with me here.
2. Save clothing.
3. Load figure (with all of the morphs that the character needs).
4. Save the figure as an FBM. (Wardrobe Wizard - utilities - morphs - Dials to single morph.) I save mine as Alt- FBM.
5. Delete all morphs from figure. (I use Shaderworks' INJ Cleaner - it deletes every zeroed out morph. V4 drops from 400Mb to 7Mb or so. Don't forget to put the Expressions back in.)
6. Select clothing - from the Figures tab, select Copy morphs from.
7. Select the FBM and add it to the clothing (By naming the FBM -Alt- FBM_ it's near the top of the list and is easier to pick out.
8. Save out character & outfit (separately or together, depending on your workflow).

That is 8 steps, which is 5 more than most folks want to do. It takes about 3 minutes, mainly because I have several hundred morphs in my figures. (Sydney is just as heavy as V4 in my runtime).

If you need to move the clothing from 1 character mesh to another, I'd recommend the Fitting room, Lyrra's fit room magnet sets, and the Prefitter. If those don't work, there is always Wardrobe Wizard and XDresser. Again, none of this is hard, but it does require the end-user to do a little work. Oh, and it helps if the vendor does a decent job making the clothing.

These are simple steps that anyone can do, it's just that most folks on this board would rather whine than actually learn to use the software.