You can
NOT delete anything in Meta. It will cause your dat to implode when you bring it back into MV.
You'll have to use VRS to delete the remaining verticies of the belt and then used Meta to bring the body down to the leg section of the waist.
Looks like you'll need to play with the UV to get the purple lines to match up between the body/legs and the shoulder area.
Also I believe this has been done,
Edit: yup, can be found
here. But don't let it discourage you from continuing.