I am not entirely sure of what you mean...
But....
If what you are talkign about is an grayscale image with the intensity based on the altitude then its possible, you dont even need to go through Terragen or Wilbur..
It is possible to import using a couple of different programs available here at OFPEC. BMPXYZ is one that only requires that you either know the altitude limits or the match between 1 rgb values and the height. It works from a 256 x 256 images based on each pixel representing a 50m x 50m area. If you image is of a differnt size and resolution then a art package such as adobe or paint shop pro will help.
Hope this helps..