Some good news:
I got the ship to work in SF, although inconsistently.
SF will load the ship in the ship select screen without complaint, everything looks good.
It'll load the model in-game, too, but not without an error box that reads "Error loading file: [texture pathname]" - but it'll load the texture just fine anyway.
Occasionally I'll get a error message after loading that reads "Steam read error" and the game will freeze completely.
All that aside, if anyone has my setup, these are the settings I used:
3D Studio Max 8
Pandasoft's DirectX Exporter ver. 4.8.63.0
File > Export Selected
[3DS Max Objects] - Mesh Definition, Materials, Inline, Optimiz mesh = normal, Geometric, Mesh Normals, Mapping Coordinates
[Textures & .fx Files] Convert texture Map, Use full pathname, White diffuse override (texture), Format = Bitmap, Overwrite = Do not overwrite
[X File Settings] - DX File Type = Text, DX Frame = Sub frame hierarcy
This is just a test ship I threw together to figure things out (and teach myself to UV Map) the texture file is pretty large (maybe that explains my texture error?) but it still runs.
(The ship is banking towards the viewer, kind of hard to tell I think.)