Don't use the "baked material"; just the bitmap it creates, on a normal material slot. Baking is just a way to render shadows and texture effects into a bitmap ontop the model, akin to painting it. It usually generates a TGA file, but you also can save it in another format. Also, exporting the model to .3ds format (mantaining max map coordinates) and loading it on MED to apply the bitmap later is also possible.