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I finished work this afternoon on TEXgen. As well as being a GUI frontend to VTEX, automatically generates TXT files (for VTEX) and VMT files for the batch conversion of textures to the Source Engine format. It scans a given directory for TGAs and, given a user-supplied template (a default is also provided), will automatically write all the required TXTs and VMTs. If you've got hundreds (or even thousands) of textures to port, TEXgen could save you a lot of mindless typing.