I have a RCP cloud scan. How can I use it in Microstation

This was done using a scanner that I believe is for producing Autodesk compatible format files.

I want to import it into Microstation but I am told that to do this I must convert it to a compatible format. I am also told if this is done all the color data is lost.
All I will get is a big white blob. So I have some questions on how to do this if it is possible.

First is this true or is there a way to maintain the color data when exporting to a compatible format?
Second, using the format suggested can I attach it to a DGN file to align my model to the information presented in the cloud?
Third, it there a way to convert the point cloud into a 3d model?
Fourth, would doing any of these operations work better if used in Descartes?
Fifth, I am also told that what I want to do brings the program to a near stand still.

Any other information or tutorials that would be helpful would be appreciated. If you can point me in the right direction I might be able to get where I would like to go.

I am new to this so I apologize if some of my questions seem mundane.  I think that Microstation should be able to do this but I am told it can't.