Crossroads converts cob files into 3ds but only the geometry without texture data. Also the face normals will be messed up, though you can solve this with the Unify normals / flip normals options. And the program is free.
I've just downloaded the Deep Exploration demo (do a search for it on the web) which is able to convert cobs to full 3ds format. Not sure about the functionality of the demo, 'cos I haven't tried it yet.
If I could convert those models at last, I would make them available on my site for D/L.
As for extraction of the V models, you can use VPview to get the POFs, then use PCS for the POF to COB conversion. Also use VPview to extract the texture files the model uses, into the same directory where you have the cob and convert them into BMP with an image converter prog. This way TS will find them when opening the cob. (the latest is not necessary for the conversion into 3ds.)
And Visionism:
TS exports DXF, and Deep Exploration converts cob into LW as I know.