Sure.  With my first suggestion, you would need to modify each cell individually.  With my second thought, you could create a temp table, import the file's data into the temp table, then you should be able to query the table making the conversion during the select statement.

EX.

-- CREATE TABLE TO HOLD PERFMON DATA

CREATE TABLE tempdb.dbo.TEMP_PERFMON_OUT

( DATA     BINARY (8000) )

-- IMPORT THE DATA

BULK INSERT tempdb.dbo.TEMP_PERFMON_OUT

 FROM '<YOUR_FILE_NAME>.txt'

WITH ( FIELDTERMINATOR = ',' ) -- THIS ROW STATES YOUR FILE IS COMMA DELIMITED. 

                               -- MAKE THIS HOW YOUR DATA IS PARSED. (COMMA, TAB, ETC. )

-- GET YOUR DATA, CONVERTING THE BINARY TO VARCHAR

SELECT CAST ( DATA AS VARCHAR ) FROM tempdb.dbo.TEMP_PERFMON_OUT

Hope this helps.  It's only a rough template and a rough idea.  I haven't had time to tinker with test data on my end.