If it doesn't need to be real time, mental ray has a node that can make use of vertex color data. For the 2 UV sets I think you can use uv linking to the texture2d node.
http://www.lumonix.net/shaderfx.html Supereasy node based shader creation tool for 3ds max. You could create the shader you want in max and load it as an cgfx or hlsl-shader in maya:)