Hi ,not sure of your flow but this works for me. Save File ,just in case!
1 take hi res , delete lower levels.
2 duplicate hi res, rename low
3 zremesh , do it as many times as needed, to get a base mesh low, use zremesh guide brush if needed.
Once I am happy with low res base,
4 run mesh thru uv master, now you have mapped uvs.( I always go to the texture and click the new texture from uv check make sure map is correct, then turn off)
5, now I subdivide the low res enough to capture detail from high res.
6.with low res above high res and selected, project all button.(you may have to experiment with projection settings to find best that work for you)
7 , sometimes if wonky, you can smooth out the projected low res, and project a second time,
I have done the smooth and project three or four times to get an accurate mesh, especially if going very low res,
If your hires model was painted , it will transfer to new low res during projection. It should ask when you project.
then you can just do , button texture new from poly paint, uvs are there and ready to create normal and displacement . This has worked great for me since R6 came out.
Hope this helps. DJ I copied this from my post over on CG Society, answering Similar Question! Dalmo