So! There are finally enough resources available to convert clothes to TS4 easily. I decided to take a swing at it with this top I made for TS3.
This top is for TF-EF, found in everyday, formal, and party. There's only 4 swatches because I'm boring and lame and I ran out of color ideas, feel free to go wild recoloring (see below for recoloring kit).
There are a few minor issues that I must mention, although the method to make morphs for TS4 is pretty good, it still isn't perfect, so on the fattest end of the slider there may be some weirdness, mostly it was in the stomach area, but nothing crazy. Also the armpit area won't cooperate sometimes when your sim is reaching their arm all the way up. And thirdly, while in CAS the mesh won't "highlight" when you hover over it, but you can still grab and pull to adjust your sim's body shape, but by no means is this severe either, these were all just minor mesh issues that I tried to solve but ultimately gave up and settled for how it is.
Other than that, it morphs fine, animates normally.
If you want to recolor this top, I ask that you not include the mesh. Please direct people back here for the mesh. Here is the RECOLOR KIT with the .PSD of the neutral grey texture template.