At this point I will ping @sebavan to speak about the process of creating the env file as he is the one who implemented it in engine. And whatever I say would need to be checked through him anyway. But yes, I believe that either version, with @JCPalmer’s addition to the process, would be worth prototyping.
From an initial glance, I would expect them to work but you may find some pain points. One of them would be the generation of the equirectangular RTT. This isn’t a feature yet in engine, but we have it on our wish list. There was a thread about this elsewhere from @bnolan which may help.