Hey Pinkhair
I found a good solution for you problem.
Go to ModelViewer, choose your .wmo or .m2 and export to a .obj
Then go to File and Export Texture -> Export all to TGA. Make sure they go the same place as the .obj
Now you can go to 3DS Max or Lightwave and import the .obj, and the textures will be applied automaticly.
Now I have another question for you. How do you get .wmo and .m2 out of Lightwave or 3DS Max?
Thank you