http://usa.autodesk.com/adsk/servlet/item?siteID=123112&id=13818978&linkID=9241175
Paint weights IMO is reasonable ony for blending ("Skin Blend Weights" video):
http://usa.autodesk.com/adsk/servlet/item?siteID=123112&id=13819084&linkID=9241175
And I love Skin Utility, check this vidoe in case interested:
http://www.cgtutorials.com/t1773/Autodesk_3ds_max/Skin_Utility
Note that you can apply Morpfer modifier on weights holder meshes, this is very useful for creating Skyrim 0_1 morph targets.