I meant to post this some time ago and totally forgot about it.
Here is the source code to compile OpenCOLLADA with 3ds Max to enable Visibility Animation. This can be used for the weapon muzzle flash http://docs.garagegames.com/torque-3d/official/content/documentation/Scripting/Advanced/ShapeBaseImageData.html#Weapon_Muzzle_Flash
Source Code: https://github.com/rextimmy/OpenCOLLADA
I have had troubles getting this to work on Max 2014 but works fine on Max 2015. Any other version is untested.
*Please don't give me credit for the code as i didn't write it, I found it on the web. I am trying to find the original post on-line that contained the small source code change so i can credit the author for his work.