Ok, i don't have lightwave. But quite some experience with other 3D programs and im-/export of objects with materials. Because of differnet features you will always run in some problems - some heavier ones and some not so heavy ones. Most important is to use materials for export (and import into Vue or other programs) that only use features that the target application can deal with. Procedurals especially can be tricky because each program has its own way to calculate those. So you have a really good chance to loose. because of different methods. I think you learn it right now. I tried that with Bryce and Vue for axample. With some materials (mostly simple texture maps) i was lucky, others didn't worked at all. I only got very rough mappings where originally were procedural materials.

One day your ship comes in - but you're at the airport.