Yes they can, but it all depends how good you are in those apps. The hardest part is seam matching in a 2d app. What I do is paint the M3 gens texture directly on the m4 gens mesh and save it out as a m4 uv conversion.
Wow, this thread changed topic lol!
In photoshop, CS5 has this wonderfull feacture called ‘pupet warp’ best way of converting a texture in photoshop! (And that includes the naughty bits) It takes a while to get used to, but its very handy I have converted Gen 4 texure to Gene 5 texture this way.