In case anyone else is remotely interested (!), I found an answer to my own question. It is a fair bit of work...

- You can export the VWD animated item from Daz  (base resolution) as both an obj (first frame) and an mdd (lightwave) animation and import those to Blender.

- Then export from Blender as an obj animation. (Select the options to keep vertex order and don't split)

- Import the first frame obj back into Daz and use Morph Loader Pro to create one morph per frame on it for the animation.

- Use the AniMorph script to set the Morphs so only the correct one is at 100% for each frame.

I got this process from Jay Versluis' youtube guide, which has much better explanation: How to import OBJ Sequences into DAZ Studio with animMorph - YouTube

I guess the end result is similar to Philemot's Daz bridge used with v1 of VWD.

I intend to reduce the frame rate when exporting to and from Blender, which should result in a smoother simulation, and smaller file size. When finished I would change keyframe interpolation to linear on all the new morphs, and increase the frame rate. 

The downside is that it creates a big scene file when saved in Daz. Also, AniMorph seems to create keyframes on everything on every frame which shouldn't be necessary.