Hi,
I found a tutorial How to make a cloth sim rig, and it works!
I tried to simulate skirt movement of a character in blender, and baked the IK to FK, I must remove the physics from the skirt before I can export the animated model by the Urho3D-Blender plugin, the result is very good.
Vertex driven IK is a wonderful idea, you can do any realistic physics simulations in most 3d softwares, bake the simulations to bones and export to our game engines.
Cheers.