I’ve been thinking about adding light baking into the engine for a few years now … and I’m still thinking … it’s a very very icky problem to solve. UDK uses their lightmass system and it takes hours, if not days, to resolve a single level, and those kids know what they are doing.
So in answer to your question: possible, yes. feasible, not really. Unless you have a hell of a lot of time to pour into this, and it is your only project, go for it, otherwise I would recommend focusing on other things, for now.
Perhaps a better angle to approach this problem, is what are you trying to achieve, and why do you think light baking is the solution? We can probably find a more realistic way to solve your issue.
An intermediate solution would be to process all the baking in blender, then implement the result in the engine.