Hi Swat3d, I saw your export tool as well. It had some really great functionality for Asset creation. What I think is needed is a maxscript in which each instance in max can be pointed at an asset in Unreal.
As most of our projects are architectural, hand placing 100s of items in UE is not practical. The better way to do it is to break the scene up into modular pieces (of around 500 polys each) and export them to Assets. Then do another export to create a t3d file that exports their location in 3dsmax (or Maya).