"Pipedude" said ...I'm also assuming the script uses collision models to do the calculations right? So if the model doesn't have a collision model, the script is useless. Being that SFM modellers often don't add in collision models you'll be limiting yourself already. Besides that, collision models are not often built for hair or clothes (since there is only a small amount you're allowed to use for a model). In the end you'd be better off learning how to set up jigglebones for them (which may or may not end up taking more time than just animating them manually :P ).
This script/module for SFM is broken ever since the python update, so it doesn't work anymore. From my own uses of this it probably wouldn't be useful for what you're trying to do. so until its updated or fixed, its pretty much dead.