you can just stick data in the data dir, but its not a good idea. better get used to using mod inis and mod dirs. it makes it easyer to mod and to release mods and you dont cripple the game, multi, or other mods.
if you cant save a dxt5_nm, i think what you can do is take the blue channel (or was it green?) and stick it into alpha, take the red channel (i think) and stick it into red, green, and blue. i think thats how it works. its the same format, it just makes best use of the channels which degrade the least (green and alpha). thats how it works, though im not sure which channel goes where.
*edit*
just looked it up it seems red goes into alpha and green goes into the other 3 channels, so make a regular tangent space normal map, then move the channels around and save. nvidia seems to recomend blacking out the red and blue channels (once the red has been moved to alpha), but for some reason their photoshop plugin doesnt do this.