The B3d Pipeline Exporter can export animated morphs using one bone per vertex in the animated mesh.
NOTE: This feature should be used with caution since it can easily create huge, inefficient files.
Add the User-Defined Property: "B3dMorph " (Case sensitive!) to any objects that you want to export in this manner.
Optimize Keys can help to reduce the size of morph files by reducing the number of animation keys used by the morph.