Skyrim mods have such system. You should see some tuts about it (how to morph for body mesh) to get idea how that all works.
They do cloths morphing by starting from body mesh (together with all morphs). Then they modify that mesh into piece of cloth (however most mods nowadays use some existing armor piece as start/base). This way both body and cloth have same morph
values. In skyrim it is all much more complicated because there are like 40 morph sliders.
Other than this (for new meshes) it is all manual job of painting weights on mesh and adjusting them to match)