A "Vertex Map" is what Lightwave calls the collection of point color information on a model. It's not really a map. It's applied to a model, not (too much) unlike a regular map, but you can't (TIKO*) be exported as an image map.
Now that I think about it now, taking it to LW6.5/7, then creating a UV Map for the model, and "baking" the model with it's vertex colors on it would be one way to export the vertex colors as an image map. You'd just need a way to export LW's UV map info and import it into Max. (Otherwise, you'd have to manuall rebuild the UV map in Max.)
The problem is that the colors would be resolution dependant, and might loose quaility as you get closer to the model.
And Sorry, I can't teach you. I'm rather busy with school, and my webcomic. (I'm swamped with homework, and it's only the first week!!)
That reminds me... I need to work on my FF7 theater webcomic sometime soon...
(*That I Know Of)