My understanding of cubemaps is as follows.

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I don't mess with them. I feel the level dynamic cube map setting is better than one that is made from anything static. Not only that is seems like a labor intensive task to manually reassign all the materials to a substitute cube map. The ultra lighting setting may be what triggers dynamic cube maps or its already set I am not sure on that. You can adjust in the post fx the quality of the reflections and the update rate, resolution, and distance they reflect. You could have them reflect 1000's of meters away with a performance hit. Mostly the update rate will affect perfomance. I leave mine at 1 but have moved it to 2 before. It can go higher.