UPDATE:
According to this, the password is MD5 encrypted, so that when the user registers for your site you can use the MD5 Encryption function of PHP to generate a user password. Insert that into the WordPress user table and everything should work (trying it now.)
It appears there is no option. I posted on this a few days ago, but if there are no responses for yours 7 months ago then maybe it just doesn’t happen. Unless you’ve found a solution?