The command used to convert a jpg to gxy is called convsingle.bat. It takes only JPG files and has to be run from command prompt.
It is also *required* to have ImageMagick installed and in the path.
Usage: convsingle imgfile [/W width] [/H height] [/CS altcharset1-4 nofBlack nofWhite] [/COLOR colormode cleanColorTreshold] [/FNT outFontNumber] [/NOPAL] [/EXTRAS extras] [/FORCEPAL RRGGBB[_RRGGBB...]] [/BGCOL index] [/RED] [/GREEN] [/BLUE] [/COLNOF nofcols] [/NO_GDI]
That's a lot of arguments and I don't plan to explain them all unless there is some interest

Anyway, basic usage is:
convsingle file.jpg
This creates both a gxy file with the same name, and a bat file with the same name which shows the image.
To see exactly how an already existing gxy file was created, take a look inside the corresponding bat file that shows the gxy. They include the exact usage of convsingle that created them.
Unfortunately, the /W (width) and /H (height) parameters are majorly messed up, and it will take some experimentation to get good results. The binary (jp2amod.exe) is a modification of jp2a, and I suspect that the aspect ratio calculation or something like that is majorly messed up in jp2a, but I haven't looked at the actual cause yet.