So VaM 1.x or better Genesis 2 does not support JCM, and the TriAx rigging is using bulge maps instead, for which I don't know how VaM makes use of, it is a bit unclear how and if it uses MCM for non-joint bending like on eye lids, too. This is something maybe only MeshedVR knows about.
From my experience: Sometimes MCM work as normal morphs, most of the time they don't.
So MCMs are a special form of morphs with additional informations like linking to other morphs, there is a good chance it may be incompatible. But like DJ said, AFAIR there were no big changes between 1.18 and 1.2, so this is a bit mysterious.
Though, I would dare to say: If it is in the right folder and Genesis 2, and VaM doesn't auto-create its .vmi/.vmb files, it is something like what is called a "faulty morph" in VaM. Please have a look at the VaM morph folders, if you find a folder for rejected morphs. You may want to have a look at the "Auto" section, too. But there is a good chance that it is just broken.
For your current issue, you maybe want to try to create your own custom morph via DAZ3d, or maybe have a look at all those many custom eye- and eye correction morphs being around in several VaM morph packages.
You may be successful with comparing and editing the .dsf file, but that is something I never have tried.