Bake texture from high-res mesh and fit onto Low Res Mesh

This it the task I am working on since few days. Initially I thought its piece of cake. Some artist work on UV layout and then bake textures and assign to low-res mesh. But as it turns out that it can be most complex task I have handled(complex mean mind boggling), I haven't found any tool, script or plugin which can give me this functionality. So far, I have checked below tools,

Road Kill - http://www.pullin-shapes.co.uk/page8.htm
Projection Maker - http://www.highend3d.com/maya/downloads/mel_scripts/texturing/4947.html

But looks like I will have to figure this out and write a tool to achieve it.