I don't know how it is in Max, but it's a pretty simple Maya workflow...
Select your object, and activate the Move tool (hotkey w). Now press Insert to edit the location of the pivot point. Hold 'v' to Snap to Points. Now click with MMB on the vertex you want to do the moving with. The pivot will snap there immediately. Press Insert again. Now hold 'v' again and MMB click on the vertex you want to snap to.
It looks long in text but while working it's just click.. snap.. snap. Done.
Am I missing something?
-Steve