Need help with an idea

enviromental mapping is a kinda the effect i'm going for except not from a sky box.  My idea is make a map editor tool and the map is compiled into jme form and if it gets and object that is reflective and is more than so many verts it'll generate a cube map texture from the origin of the object.  Some of my ideas are like dynamic cube maps only need to be updated when surrounding lights change so precalculate lighting(light maps).  My other idea is in enviromental mapping would it be possible to take the 6 textures of the cube map and just use the texture made on the object?

Also what kind of ,if any, texture compression is able in jme.  In Image i see fields for compression types but can jme compress images it's self?