looks okay, the grating is useless there though, since max's render to texture hates rendering 'nothing' into transparency.
you would be best off doing the grating in photoshop.
and don't make the grating into 1 quad, make it 4 quads, so you can tile the bit of bitmap for the grating, and save yourself some good UV space.
you can go even further with that, depending on your polybudget, and how tight you might be on texture space.
one more thing you could do is making some dents etc in it. (can be done in the highpoly totally easy, but for some reason people find it impossible. so you can do it in photoshop after baking as well.
(just be sure to half the blue channel of anything you overlay)
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