Eureka, I worked out how to do it using only Zbrush.
I’ve recorded a script showing the steps involved, but as it still needs to export the objects, this won’t work for Demo users. Sorry 
Enjoy
Wrapping a texture around a Zifchain.zip
Just realised that it is probably not necessary to export both objects. Pixolator?
Jaycephus: Excellent examples, shows the benefits much better than mine do 
TVeyes: That’s very good 
The Morph function is indeed the key to the UV transformation
See this tutorial for more info
It is possible to execute the process without exporting both meshes. The tutorial describes a process with two OBJ files since it is a more general approach which can be utilized in other situations (such as morph between two arbitrary 3D object with identical vertices/polygons count).
-Pixolator