You mean emit light IN Max, yeah?
You could try giving the light object an advanced lighting override material, then cranking the base material's self-illumination right up. Play with the override material's luminance scale until it looks good, and enable radiosity for the scene.
I don't know for sure if this will translate properly to the Render To Texture on the rest of the wall, but it's worth a go. Alternatively, you can always bit the bullet and go for the multiple omni approach (get a much subtler / realistic effect than a single omni) and then beef it up in UEd with a light...
(note: may contain ass-talking / inaccuracies... my copy of Max has been b0rked for a couple of months. But radiosity is certainly the way to do this, even if I've got all the steps sideways.)
(edit: rereading your post, I think you've already done all that except you didn't say if you'd enabled radiosity...)