So I made one - Kevin to Orc transition. All was done in CC, iClone and Morphs Creator (no Blender). Still It was kind of PITA to make.
This is how I made it:
Both characters have to have exact same vertex count. Orc had custom DAZ teeth and eyes. Had to replace them with CC3+ and customize to resemble the original look.
Converted both characters to game base - single texture (to have less work with texture transition).
Sent one by one to iClone and applied the same clip
Broke both clips at some point and spread apart to have ~4 seconds transformation between 2 parts of the broken clips.
At the end of the first part recorded single frame as motion (with collect clip).
Sent both characters to 3DX one after another, applied that 1 frame pose and exported both as OBJ.
Brought both OBJs to iClone as props (did not split). Fixed materials with paint bucket for Kevin (from original character to the prop).
Sent Orc prop to Morphs Creator and exported as OBJ.
Sent Kevin prop to Morphs Creator and applied newly made Orc OBJ.
Now I have 4 slider on Kevin to morph it to Orc. Baked sliders into one and Updated Morph to iClone for Kevin prop. Deleted Orc prop in iClone (there is no need for it anymore).
Now, using visibility for Kevin and Orc characters and Kevin prop arranged them to have Kevin character be visible only during first part of the clip, Kevin prop in between 2 part of the broken clip and Orc character at the last part of the clip.
Applied Morph for Kevin prop in between 2 clips.
For texture, applied Orc body Diffuse into Kevin prop Blend channel for body material, checked "use sRGB" for it and set as Multiply. Then had Kevin prop Diffuse go from 100% to 0 and Blend from 0 to 100% during transition.
And for normal map I made a video in HitFilm for transition from Kevin Normal to Orc normal maps for exact same duration as a transition in iClone. Applied video to Kevin prop Normal channel aligning it with transition at the timeline.
If you have a cloth, both characters must have the same. Optionally you may want to rip/deform cloth on the prop and "Last Standing" character with custom morphs (whole different story).