If you are talking about "real time rendering" then 3D Studio MAX cannot handle all the geometry AND the code for things like AI, panels, etc in real time. I have scenes that cause MAX to crawl on my PC that run at 70+ FPS in GameStudio because of BSP.

If you are talking about using MAX to render textures as apposed to use GameStudio to render Lightmaps, then you can do that already.