OK, I've been working on getting Lua implemented into FS2. I've gotten it working on start, but I've run into a minor snag of doing it on a per-frame basis...
Apparently, the Lua devs have not seen fit to let you easily compile, and then store, Lua script for further use. The problem is that while there is a function to compile Lua code and put it on the 'stack', there's no function to get it from the 'stack' to C.
Of course, there are functions that handle compiled Lua code, and full lua scripts can be compiled via the program "luac".
So as it stands, it looks like with Lua, you'd have to specify the function to run in the TBL file, and then put the scripts in a separate .lua file for it to approach being efficient.
Although, I've gotten LuaJIT to run with fs2_open, so functions will automatically be converted to machine code the first time they're run.