You can do it , but have to jump thru hoops to do so. If you have signlab/engravelab , it has a routine to allow greyscale images to be engraved using various vector strategies. If not , you have to capture the photo in 8 bit greyscale , apply whatever contrasts , edge detection etc you can to enhance it , then convert it to a 1 bit black and white with a VERY gross halftone (bear in mind your tip has width and the halftone has to be bigger than the width of the tip other wise one dot eats into another)
Use a program like Coreltrace to trace it as a vector image into Coreldraw and send it from there. The bitmap will consist of solid black dots and areas and can be traced filled and sent to the engraver as hatch islands . You can apply corrections such as offsetting inwards to compensate for tip width here too. You can set various areas various colours and control depth too in this traced bitmap format.
Photograv is a program laser guys use , but it works well for everything up to the trace section and will give you the 1 bit image and you are a lot more in control of what the halftone pattern will be. You would have to tell it that you are using a very low dpi engraver. I would
There are other ways like use Artcam to extrude surfaces based on greyscale images and this will translated directly into 3 axis interpolation on your EGX and you can careve the image in 3d with it.
At the end of it all , your results will be variable and might not be worth it. Laser engravers are ideal for this application as they act like dot matrix printers but much smoother.
Try it using photopaint and coreltrace/draw.