Currently I dont think thats possible. There are also other things that FPSC handles for you, from simplified collision hulls, culling, assigning sounds to materials and randomized texture sets.
While some features are nice to have but may not be used, others like collision and culling are crucial for performance. It certaintly is not impossible to setup max as a level editor, but it would take alot of work, including coding.
"I dont think I like the idea of my little photon being touched up by a switched off proggy and finishing off without ever actually getting inside." - Fallout