I know nearly nothing about practical aspects of what makes models work and what doesn't, but from my point of view it seems that unless your model changes shape, it doesn't really matter if the baked texture (or glowmap) stays static, since the positions of the glowing surface and reflecting surfaces stay constant all the time. Thus the reflections keep pretty similar also. So once you get the baked texture to look good, there should be no real quality difference between dynamically rendered lighting and baked-in fake lighting.
You could bake the reflection of the glow into the glowmap itself - similar to what is going on with the Hercules' glowmap. It's made to look like the red light in the bottom pylon is reflected by the bottom surface, and it works pretty good...