ZFR: If you could import the characters as they were, they would be waaaay overpowered for starting MM3.
Waltorious: To be fair, importing characters as they were from MM1 into MM2 would also result in a party that was much too powerful, which is why importing them de-leveled them and didn't bring any of their equipment along. Something similar could have been done for MM3, but I think the designers decided not to since they had an entirely new combat system.
True. Come to think of it, even with the entirely new combat system, there is no reason not to be able to import name, stats (with a lower level even dropping them to level 1 would be ok), sex, race and class. That's all that was imported for MM2 from MM1 anyway. Only portraits would have to be chosen or randomly assigned. The new combat system would not be affected in any way...
Only issues I see:
_Extra spells would be lost. You only get the spells your class normally starts with in MM3.
This would have no effect for level 1 characters, but unlike MM1 and MM2, MM3 only gives new spells for new characters, you gain nothing when gaining levels.
_MM3 only allows 2 characters of a given race per sex. 6 dwarf party would not work...