Summary:
Specular map (RGB channels of the shinemap) does not need to be greyscale. You can make specular reflections have colour.
This is especially useful because not every shiny surface reflects all visible light wavelengths the same way. For example you can make gold coloured surface actually have gold coloured specular reflection, too. Or red glass christmas three decorations, or whatever. The type of the surface should be reflected in the amount of saturation you put on the shinemap. A completely greyed out shinemap will make the specular reflections white, and only control their intensity (brightness). Personally I find that completely grey shinemap tends to make the colours of the diffuse map slightly "washed-out" - for some materials this is appropriate, for others it's not.
Environmental mapping intensity is controlled by alpha channel of the shinemap. Black alpha (transparent) means the part does not reflect environment at all, white alpha means it has a mirror-like reflection of the environment (100% intensity).
Perfect mirror reflection is appropriate for something like chromed, polished metal parts (or actual mirrors).
Black alpha is appropriate for completely matte surfaces.
For reference - a simple panel of glass (with no anti-glare coatings or other such things) has a total reflection coefficient of about 7% at zero angle of incidence, but this might not result in sufficiently visible environmental reflections for your purposes - you'll have to experiment with something between black (no envmapping) and white (full envmapping) alpha channel intensity. I'm not at all sure if FSO shaders take the angle of the reflective material into account when it comes to intensity of reflections (either specular or environmental).
For future reference: There have been experiments in FSO with doing more physically oriented environmental reflections, allowing control of not only intensity, but sharpness of the reflections - basically, any object "reflects" the environment, but whereas a mirror-like surface reflects an image, most objects diffuse the light enough that you just see the general predominant colour reflected on the object - for example on a matte grey painted aircraft flying over desert, the top would have bluish hue while bottom might have more yellowish hue.
But I don't really know what is the status of getting this kind of technology fully armed and operational...