Just for the hell of it,
here's some proof-of-concept code I bashed together this afternoon in PHP that will take an ASE file and export it to a PGM file.
Here's an editable patch that I started with in 3dsmax:
And here's the greymap I created with the script:
Ok that's just a crap example with a 48x48 patch but you get the idea
The script doesn't do any interpolation so it helps if the mesh you're converting is exactly the same or slightly higher res than the greymap you want to create, as any pixels that don't have a heightmap will get a mid grey value. Of course you can get around that by just applying
subdivide or
mesh smooth before you export
Usage is basically:
php ase2pgm.php [filename] {optional_texture_size} {optional_object_name}
so you need PHP on your system but it's a tiny download. Texture size defaults to 256, if you don't specify an object name it will just use all vertices in the scene which is fine if you just exported the one object you want to convert. Black will be the lowest Z value in your scene, and white the highest, X and Y coords are scaled to fit (so it may stretch if your mesh in non-square).
There's little to no error checking or anything in the script so it may not work but it's just to show what's possible if you put your mind to it.
EDIT: Note that you can't import PGM directly into UEd but you can import it into pretty much any program that exists. I just used PGM for simplicity