This is probably a stupid question as I have not yet played with the "Decal" abilities in Keyshot. But here's the question anway. Can I use decals on nurb models (I am assuming the answer is yes) and Can I use a normal map with the decal to simulate engraving?
Yes & yes.
Once you import your model into KeyShot it is no longer Nurbs, so it doesn't matter the model started out as Nurbs.
You can use just a Normal Map to make an engraving. I came across a free Normal Map Generator called SmartNormal. I applied my Normal Map to 18k Gold material with no texture map used. The signature file used to create the Normal Map was just a black & white bitmap.
http://www.smart-page.net/smartnormal/fl10.htm
Ed Ferguson
In order to get the engraving you will need to apply the normal map or any other image as a bump map, not as a label.
Thanks for the help guys! ;D