Projection mapping in Max 7 is a technique for people who can’t export normal maps directly out of ZBrush.
That’s an oversimplification, I’ll grant you. It’s very handy for transfering your UV coordinates from a working model onto a broken one, and it’s got some other very practical uses as well. But as a tool for normal map generation, you’re asking us to import either the full-geometry version of this model and try to work with that in Max, or to achieve the same through displacement mapping. Then, we import a low-poly version of the same, and bake normals from one to the other. It’s a lot of extra work, and you’re going to lose some fidelity in the process. Meanwhile, it’s like two mouse clicks to export your normal map from inside of ZBrush.
Then by all means, try it. And post your results if you’d like to share. Otherwise, drop it – this isn’t a request thread.