Hi sdc, you are making a simple process way too complicated.
With SL sculpties and this plugin, you need never touch UV master at all, this plugin does the creation of the correctly sized and scaled UV for you, all you need to do is texture it and export it, using either sculpty maker, or the built in sculpty exporter in the plugin (though my sculpties exported using this plugin are terribly lumpy so I use sculpty maker exclusively).
Where I think you have gotten confused is the texture menus have changed between V3 and V4 in Zbrush. To convert your polypaint to texture, in Z4, unless you have used the “make Polymesh” button included in this plugin, you will get a flat colour texture, not your painstakingly created polypaint. Hitting “scale UV’s” in this plugin will correct the problem, and then you just go to the “tools - texture” palette on the right side of the screen in the default UI setup, and press the “new from polypaint” button to create the texture. Then you clone it in the same palette, and from the top texture menu, you can export it to PSD.
Zsculpty started as a way to correct the incorrectly scaled UV that is created when you use the standard “make polymesh” button after you’ve initialised the sculpt using the standard process that you’ve already found on Shiny-life, Marcus added a few things, but if you want to successfully make sculpties in Z4, you need this plugin, or you have a lot of messing about with UV scaling on your hands.
So… tl;dr version (steps 4, 8 and 9 are the big changes between v3 and v4)
1 - Download and install the Zsculpty plugin contained in this thread
2 - open Zbrush and hide the lightbox menu
3 - select a sphere 3d and initialise it as usual
4 - go to Zplugin, Zsculpty tools, Make Polymesh
5 - sculpt your sculpty to your hearts content without cutting the mesh or adding geometry through extrude or similar
6 - export your sculpty as an .obj and run it through sculpty maker - upload to SL to test that it works
7 - subdivide your sculpty and texture it with whatever method you like
8 - Tools, textures, New from Polypaint
9 - clone the new texture, then texture - export.
10 - clean up/resize your texture in an image editor, save as .tga
11 - upload to SL and test on your sculpty.
Couple of things to note - the texture may need to be flipped horizontally to fit the sculpty in SL and your sculpty may come out inside out, you can fix that in the SL build tools.
I hope this helps you get on the right track 