Well we have seen undeniable proof that it's possible, we just need the right blp2 converter, none of the 2 I've been able to find (the one at cursegaming is Tech's) work, they either dont showup, crash the game, or have no mipmaps and are scarred by big black grid things
I found some hints that a place existed that had working programs but it was a site dedicated to hosting pirated WOW servers and got axed by bliz
Maybe IRC might find some results