I do not have any problems with this.
When I get an SNMPv2 file, I send an e-mail to 
"mib-v2tov1@dbc.mtview.ca.us" with the SNMPv2 MIB description in its body.
If the SNMPv2 MIB is correct, I get a reply with the 
corresponding SNMPv1 MIB. The mail server does run mosy for me.
(Of course, if the SNMPv2 MIB description is broken, I get some
error messages that I have to interpret in order to correct the MIB.)
> Conclusion: You can do it but it is not very easy (as far as I know).
> Has anyone out there done this before? Has anyone written a script
> that will convert mosy output to the dbm format? Or any other
> solutions? I still use the smic files created by P.H. Kamp because I
> have not been able to create my own smic files...
I always use my own set of MIBs.
I use the following steps:
1. Create a file including all desired mibs for smic.
   I call it allmibs.
   It looks like the following:
-----------------------------------------------------------------------------
-- file: allmibs
-- include base mibs
#include "rfc1155.smi"    -- SMI items
#include "rfc1212.smi"    -- OBJECT-TYPE macro
#include "rfc1215.smi"    -- TRAP-TYPE macro
#include "rfc1213.mib"    -- MIB-II
#include "rfc1215.trp"    -- SNMP generic traps
#include "rfc1443.tc"     -- SNMPv2 Textual conventions
                          -- rewritten for SNMPv1
----------------------------------------------------
-- RFC - MIBs that are RFCs (As of April 6, 1993) --
----------------------------------------------------
-- extensions to mib-2 --
-------------------------
#include "rfc1229.mib"    -- if extensions            mib-2 (12) --> rfc1573 
#include "rfc1243.mib"    -- appletalk                mib-2 (13)
#include "rfc1253.mib"    -- ospf                     mib-2 (14)
#include "rfc1269.mib"    -- bgp                      mib-2 (15)
#include "rfc1271.mib"    -- rmon                     mib-2 (16)
#include "rfc1493.mib"    -- dot1dBridge              mib-2 (17)
#include "rfc1559.mib"    -- phiv (DECnet)            mib-2 (18)
#include "rfc1316.mib"    -- char                     mib-2 (19)
#include "rfc1353.mib"    -- snmpParties,snmpSecrets  mib-2 (20-21)
#include "rfc1516.mib"    -- snmpDot3RptrMgt          mib-2 (22)
#include "rfc1389.mib"    -- rip2                     mib-2 (23)
#include "rfc1414.mib"    -- ident                    mib-2 (24)
#include "rfc1514.mib"    -- host                     mib-2 (25)
#include "rfc1565.mib"    -- application              mib-2 (27)
#include "rfc1566.mib"    -- mta (Mail)               mib-2 (28)
#include "rfc1567.mib"    -- dsa (X.500)              mib-2 (29)
#include "rfc1573.mib-a"  -- ianaifType               mib-2 (30)
-- and many more includes
-----------------------------------------------------------------------------
2. run "smic -z allmibs > allmibs.z"
3. run "scotty -nf smic2dbm allmibs.z" yields mib.dir, mib.pag, mib.str.
4. replace the default version of mib.dir, mib.pag, mib.str by
   my own version.
> BTW, our SNMPv1/v2 implementation which will replace the current SNMP
> module sometimes in the future (dont ask me what this means) reads a
> MIB ASN.1 file at runtime.  If you can wait, it will become as simple
> as typing 'cat my.mib >> scotty.mib'.
PLEASE have a second thought about this, before you do it. Myself,
I use an enormous mib-file including many rfcs, experimental mibs and
private mibs. I have doubts that a runtime translation of my mibs would
be feasible with reasonable performance.
I always found that the approach with smic and smic2dbm was pretty easy.
Just an additional note to the conversion from SNMPv2 to SNMPv1:
The mosy converter (or any other converter)  may return
an import statement 
    IMPORTS
      XYZ
      FROM SNMPv2-TC;
XYZ is an SNMPv2 textual convention. These conventions are not known in 
SNMPv1. I then include in my allmibs file the file "rfc1443.tc" that is
my own re-definition of these conventions for SNMPv1. "rfc1443.tc" looks like
this:
-----------------------------------------------------------------------------
SNMPv2-TC DEFINITIONS ::= BEGIN
          IMPORTS
              TimeTicks
                  FROM RFC1155-SMI;
          -- definition of textual conventions
          PhysAddress ::=  OCTET STRING
          MacAddress ::=  OCTET STRING (SIZE (6))
          TruthValue ::=  INTEGER { true(1), false(2) }
          TestAndIncr ::= INTEGER (0..2147483647)
          AutonomousType ::= OBJECT IDENTIFIER
          InstancePointer ::=  OBJECT IDENTIFIER
          RowStatus ::=  INTEGER {
                             active(1),
                               notInService(2),
                               notReady(3),
                               createAndGo(4),
                               createAndWait(5),
                               destroy(6)
                           }
          TimeStamp ::= TimeTicks
          TimeInterval ::=  INTEGER (0..2147483647)
          DateAndTime ::=  OCTET STRING (SIZE (8..11))
END
-----------------------------------------------------------------------------
With best regards
   Reto
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_/                                                                        _/
_/  Reto Beeler tel:+41 31 999 4267  email: beeler@tech.ascom.ch          _/
_/  ASCOM TECH  fax:+41 31 999 3607  Morgenstr.129,3018 Bern,Switzerland  _/
_/                                                                        _/
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