Hi, This addon merges Materials Utils & Cycles Materials Convertor & Cycles Image Texture Converter & a few other Materials Tools.
Note: You Must run as Administrator in Winfoes to use the convert BI materials to Cycles Images.
Also it only does one Texture per material but multiple material slots.
The Multi Image Support section handles dif/nor/spec in many case for images. It also converts all blender materials to nodes materials for easy switch between renderers.
You can import directly into Cycles & then Convert materials.
Tested: fbx, dae, obj, 3ds