Edit: I don't know why this didn't occur to me, but if the socks are already weighted, have a uv_1, and are vertex painted. In other words, if it's something that's already made for TS4 and all you want to do is resize it, then do this:
*Open the package file you want to convert.
*Go to the categories tab and under "age and gender flag" change the category to child.
*Click the 2nd "apply to all swatches" button. The model should change to a child but you may have to select a different swatch for it to show up. You may even have to save and close Studio then open it again.
*Export all LODs and they will export with a child body.
*Open the mesh in Blender and you can resize and move the mesh to fit the child body.
*If necessary, unfold the rig and unhide the rig's bottom and feet (click the eye icon) to help with your adjustments.
*To resize and reposition all LODs at the same time
there's an addon that will let you do that but I haven't used it.
*If you don't use the addon you'll need to resize and reposition each LOD individually.
*Clone a pair of base game child shoes.
*Make sure your cut numbers match the child shoes.
*Import your adjusted meshes and textures to the cloned child shoes.
If, for some reason, you need to weight the socks the instructions are below.
Depending on how high the socks reach, you'd want shoes or boots. If the mesh covers the feet you will need weights that relate to the feet. If it covers the calves you'll need weights for the calves. Boots can give you that.
If you want to, you can unfold the rig, make the feet and bottom meshes visible (click the eye) and selectable (click the little arrow). Shift + D to duplicate the meshes then join them with Ctrl + J. Transfer the weights from that. When you're done, delete the meshes you just duplicated and joined.
You don't need Blender 2.70 to transfer weights, but if you use a version higher than 2.70 you'll need to follow a specific method.
Optional but very much recommended: Download and install
this handy dandy addon. Don't worry; it's free. After transferring weights use this to remove weights that were transferred but that aren't needed.