No, there is no way to convert an image from one file system to another. If you want to change the file system of a RAM disk that is used with an image, you can do it this way:
- Create a new image file of the same size formatted as exFAT.
- Mount that image file as a physical drive via Image - Mount Image in the main menu.
- Copy everything from the RAM disk to the exFAT image mounted in step 2.
- Unmount the image via Image - Unmount Image in the main menu.
- Edit the RAM disk's properties to use the new exFAT image (when a RAM disk is used with an image, its file system is sourced from the image) .
- After a remount or reboot, you can delete the old NTFS image.