Here's a possible solution to those polygon collision woes. Shrinkwrap Collision! Simply take your high polygon model and use this function to create a low polygon "ghost" object. Then simply use the the low polygon ghost object for all your Set Object Collision To Polygon needs.
How it works:
Start with a sphere that surrounds the target model. Then cast Intersect Object rays from each of the sphere's verticies to the center of the target model. Then move each of the sphere's vertecies to the collision points on the target object. The end result is the sphere is "shrinkwrapped" down around the target model. Simply hide the ghost shrinkwrap clone and move/rotate along with the original object.
Features:
1) You can set the number of Rows and Colums the sphere will have to start with, which can help adjust the LOD of the collision and the resources used (processing speed).
2) The function retains the taret object locaition and rotation, so the shrinkwrap function can be used anytime in the code.
3) Can also be used for making LOD clones of your models.
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