If you want reflections, the main texture file needs to have *_t.bmp added to it [i.e.: MainTexture_t.bmp]. That way, it will appear reflective in FS. However, without a lightmap, it will appear transparent at night the moment you turn on the lights. This drawback only happens at night.
To avoid seeing transparent textures at night with the lights on, go back to Gmax. Open the material editor and link the light map [the texture with the *_l.bmp] to the main texture under the name "Illumination" and leave the box next to it unchecked.
That is it. When transporting, check the "has reflect map" and "has light map" boxes and you're set. Remember that the light maps blend in with the main textures they are linked to.
Example of how the textures appear in the Material Editor:
I. Material #1
---A. Maps
------1. <checked> <Diffuse> <Main_Texture_t.bmp>
------2. <unchecked><illumination><Main_Texture_l.bmp>
Just after this and just before exporting, import the alpha channel into Main_Texture_t.bmp and save as DXT3.
I don't think you have to convert the lightmaps. I think the format of the main texture would be your concern.
This way, you have both reflections in the day and operational lights at night without* the annoying tranparent side effects. Just look at the textures on the Chevy addon I made as an example.
If you want transparency, just take out the *_t.bmp and restart the process. Correct me if I'm wrong. I'm always open to constructive criticism.