My answer is yes, it is possible.

The .bip file is a character studio biped's file which contains the animation and figure of the biped.
The max2ms3d_v112 plugin can export both: standard max bones and biped bones as the ms3d bones.

So, all what you need to do is:
1. Open your model in 3DsMax.
2. Create a standard biped.

3. Select your biped and open motion panel and click load file.

4. Select your .bip file and press open.(now your biped should have the animation, it may change it's figure)
5. Click figure mode and rescale the biped to fit your model, then skin your model.

6. Now your model is ready to be exported.(before exporting don't forget to unclick the figure mode, because the biped will be in its figure mode in all frames)