I'm struggling with this problem now, having my first serious attempts at modeling for my DBpro games.
My current work flow is;
By trade, I know Inventor... so naturally I'm using it to model. But I'm an absolute n00b when it comes to anything outside my parametric world (and it's a good(!) parametric world too!).
Create and colour my model in Autodesk Inventor. Import my .IPT file into 3DsMAX, save as a .3DS file. Import the .3DS file into Wings3D, toggle the colours, export the model as a .X file.
The reason I'm not exporting a .X file directly from 3DSmax is that the Panda .X exporter is no longer compatible with the 2013 release, and I also wanted to learn a simpler free modeler, such as Wings3D or Blender, since they're so popular.
If someone's keen to help, let me know what format I should upload the file as.