Well, I think we had this discussion several times before.
The point is that the FF7 .p format mainly uses vertex colors for the materials, and only a few textures. Textures are usually only used for eyes, mouths and tattoos (e.g. Barrets' tattoo).
However, 3DS CAN handle vertex colors, but there is no tool that can generate files with vertex coloration from ff7 files...
Ultima, my FF7 .p tool, is able to export files to 3df format, a format invented my mirex.
Well, let's wait until mirex joins this discussion, he has been working longer on the format than I...
Generatin textures *should* be possible, however, I doubt that the results would be useful

...and there is no tool that is able to do this yet...
- Alhexx