Xnormal also comes with a tasty photoshop script that can do the same thing, and works very well. Worth a mention in this now undead thread. *BRAAAAINS*
Maybe an alternative route... bake lighting into vertex color. This would avoid bleeding, but would increase vertex count on lighting seams. Or perhaps check out https://www.scriptspot.com/3ds-max/scripts/polyunwrapper I know the developer is very responsive to requests/feedback.