Export a 3ds Max model to .3DS format (read the tutorial: Import 3ds Max models into Gmax). This makes it possible to import the .3DS file into Gmax or any other 3D modeling software.
Baking Normal, Specular, and Diffuse maps will help simulate Normal Bump and Specular rendering. This is best used in older 3D software like Gmax, because it does not render these maps.
It’s like the old style bump mapping used before new video cards, and video game machines made Normal and Specular maps possible. Back then all color, highlights and shadows, was put into the Diffuse map. Now a days, Normal and Specular maps give you more 3D depth and realism on a model.