Some breadcrubs:
It is the same like creating "normal" custom morphs. There are some tutorials around.
With one important difference: You don't have to export/edit the Genesis 2 male figure, but the male genitals mesh!
-In DAZ load the male figure. Add the "anatomic details" aka male genitals.
-Find the male genitals in the scene overview, and rightclick "un-parent" it from the body.
-Rightclick delete the body. You should end up with only the genital mesh.
-Now follow the same steps like in the custom morph tutorials.
-Never forget to first reduce the smoothing details before exporting (should be mentioned in the tutorial).
-After creating the morph, maybe re-rigging it and ERC freeze it (don't do that if it is not neccessary, because the scrotum likes to go mad with auto rigging ... you may have to adjust the bones manually), just copy the DAZ morph file to VaM... but mind to copy it to the "male genital" folder.
Edit: Meant as a well intentioned advice... don't mess around with the seams! Those will be attached to the figure on load. If you distort them, you will distort the overall outcome. My advice: maybe lock those vertices in your 3d tool before doing your changes, to not unintentionally move them around.