It would be better if there is water involved. I don't have any good water assets to go with it, unfortunately. Just sharing a simple animation with one of my test breast morph. (morphs are in the download, cloth not).
You can see g2f polygon too low deform is not as ideal. Morph have to wait g8f for better deform. There are other way to do this with normal map.
Not packing anything not mine or previous, here is the list for reference: