How do I create a 3D Transparency Map - AE + ZAX

I'm making a RCA 77-DX microphone, and have run into a problem of creating a proper transparency map to created the holes in the mic. I brought in a simple targa file containing the pattern, but, as you may instantly deduce, the holes don't wrap properly across the top of the mic, which I can explain, but don't know how to solve. Interestingly enough, the holes are also elongated, which I cannot explain, and "squashing" them didn't work.

I'd be very interested in getting the map, but even more interested in how to create 3D transparency maps. I did a soccer ball not too long ago, and someone had a map that was the soccer ball pattern, but "flattened" so that it wrapped properly. It is more valuable to me to learn how to create "flattened" maps.

I found a COW post in how to do one in Cinema 4D, but I'm using After Effects 6.5, with Zax 4 Pro.

Joe