Hi Ken, I guess maybe you mean with the image being used as a displacement map not just a color texture map?

That's a polygon mesh modeling technique and since MOI is not a polygon mesh modeling program no it doesn't do that.

You should use Blender or Wings3D for that modeling method.

In general lumpy bumpy organic type models are not very suitable to be done in CAD geometry.

There are some kind of hacky methods you can attempt if it's not too complex, there's a converter program called ZSurf, info here:
http://moi3d.com/forum/index.php?webtag=MOI&msg=2423.2
and there's a HeightMap MOI plugin from Max here:
https://moi3d.com/wiki/MaxScriptArchive

But usually it's better to do polygon modeling techniques in a poly modeling focused program which MOI is not.

- Michael