I created two textures, one white, one black, both named "test.jpg". Created two folders test1, test2 in the textures folder.
Assigned both textures in material room. Guess what? Yes, poser just takes one of them and you cannot change it in the material room (but you get the funny selection above)... Even existing pz3s with correct relative paths now may render different because the wrong image gets loaded (eg. the wrong head.jpg)...