Small steps for normalmaps:
I've begun writing an extensive extraction function that should correctly extract a texture no matter it's format. I've decided to leave 24-bits alone and atleast attempt to work on the normalmaps.
I'm about to figure out the precise order of the bit arrangement, but this is what I extracted thus far:

You can just see the original indices for the TRex texture in there, as well as the normal data, to get this image I had to extract the 1024x128 texture page from the SWP, save it as a .RAW image and then open it in Photoshop. From there I told Photoshop to load the image as a 1024x128 image with only 1 channel. That was the result...
After some more tinkering however, I changed the >RAW properties and loaded it into Photoshop, and got the following images as separate alpha channels, 512x128, 2 channels:


Now note that the texture will not be correct because it's still carrying an extra 2 bits that belong to the normalmap =/
For the moment I'll save the texture bitmap and save the normalmap data in separate files each (.NLM will be the normalmap raw format for the moment)