This might be a stupid question...I recently aquired the tailor 1.1 application from DAZ3D as I found out this only works with native character files, and not altered character files like VV2, now my question is... would it be possible to make an .obj file for VV2?

Yes, but there are simpler alternatives. The "form" and "shape" files that come with VV2 often do the trick, even for clothing other than those for which the files were created; the "Fitting Room" expands those files. Another alternative would be to spawn morph targets for the parts altered by magnets and transfer those targets to the clothing with the Tailor.