Made a lot of progress on a set of Mel scripts tonight automated conversion from simple Maya 4.5 shading networks to CgFX format (generate the shaders, build the lights, etc, all with one-click setup). The last tasks were wiring-up the connections between shader types and the automatic conversion of textures from formats that Maya likes (.tga, .bmp, etc) to the .dds needed by the CgFX plugin. Doug's nvdxt tool to the rescue!
It's nowhere near as sophisticated and slick as the integrated realtime support in Maya 5, but it works on the scenes I've got, and the .fx files can be turned-out and dropped into other realtime applications pretty easily. I'm jazzed, we'll have to find a good free-download home for this tool.