This page describes how to modify a Baofeng speaker microphone to connect to an external microphone to create a hands free system for your car or shack. The speaker microphone has a 3.5mm earphone jack that can be rewired to connect to an external electret microphone. You can use VOX for PTT or load new firmware for one touch transmit.
Once modified, you can plug in your external mic to the jack socket and test.
Footnote
After completing this modification, I realised that I could have left the electret mic alone and just cut the thin PCB track. A wire bridge could then be made between the mic terminal and the now unused speaker connection on the PCB, which would allow the speaker mic to be used when the remote mic is unplugged.