Yes, a waste of time.
Displacement is determined by the surface material values.
You can't really expect, when transferring between programs, much more than the image map information to transfer.
LightWorks has pretty good displacement control, but when talking Maxwell lingo it can only order eggrolls. Do you not have the export plug-in from Archicad-Maxwell?
The way to work between programs is to only use tagging information. You should rely on material definitions established in each program using common names.
Dwight Atkinson