I tried it; it works quite well. I was well pleased to see that models imported this way received automatic .pac textures for any part that I applied a Material to in Wings3D. Just plain colours, but it helps me see the different parts if I give them different colours. It's neat that O2Light grabs the Materials from the .3DS and converts to .pac. Cool!
Now if only I can figure out why image maps don't appear in O2Light's editing windows ....