Depending on what "materials" you're assigning/updating, they may not translate over at all. Were you able to get the materials loaded originally with a straight OBJ export from this program? Or did it require going through another app like Poseray? Are your texture changes procedural, or image-based? Procedural adjustments (either fractal noise-type functions, or changes to reflectivity, etc.) will not translate over.
In general if you re-load the object through the file dialog it should reload any settings, including the MTL file and material assignments. However this may not work if you've changed the materials assignment in TG2 after loading the object initially.
- Oshyan