Request it as a feature and give conitec a link to the demo.

If you are willing to drop a couple thousand on maya 6 it now renders cloth and hair and if im reading te help file on it correctly maya will even add collision detection to cloth and hair, so this would be a semi fix the coat would bounce off the characters legs and feets as he runs around giving it movement.

I reackon it can be easily done. Check this thread:

http://www.conitecserver.com/ubbthreads/showflat.php?Cat=&Number=498414&page=0&view=collapsed&sb=5&o=&fpart=1#498414

Use the same concept. You will just move the verticies in real time, based on the movement of the top verticies of the cape. Make sure you check out DooeyJo's post in that thread.