The 2.32 Blender build comes with AC3D export/import functionality built in - I've used it and it works perfectly for most objects. It doesn't give good results on convex polys with 5 or more sides, so if you have any of those you may want to triangulate your model (or at least those polys) first.
If you're using an older Blender build, I'd definitely recommend moving up to the 2.3 family.
Otherwise, you could also find and download the 3DS importer/exporter for Blender and use that (exporting/importing 3DS from AC3D). Plus, you may be able to find the AC3D import/export utility for previous versions.
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