And the model version uses just a quarter sized map of the whole effect, I think it maps the texture to the model four times...
Which makes me think. If the UV mapping can be made to use a texture vour times to a circle shaped model, couldn't it be possible to make it so that the model tiles a 1/16th-circle texture 16 times to it?
That could severely reduce the memory usage of the high-poly shockwave. It would somewhat increase the tiling factor in the effect, but I think it could be worth trying.
For example, if the quarter-effect texture is 1024x1024, and if you changed the model to use 1/16th circle map, then you would only need a map that was 1024x408 pixels in size. Rounded up, you could use 1024x512 res texture with slightly better or same resolution but higher tiling factor. If you wanted to use 1/32nd part of a circle as a tile, you could put that to 1024x256 resolution slice of the circle.
If done right, that would slightly improve the resolution, and even despite the tiling (if it was done right) you would hardly notice it, as the effect has a radial nature anyway.
The biggest problem wouldn't be making the effect map, that could be copied from DaBrain's existing effects; the trouble would be to get the UVMap done right...