The approach I took was to use a texture sample of the render target, which uses a **CustomReflectionsVector **node to handle world reflections. With the help from a tangent to world node, it is possible to convert Normal Map data into world space, through the CustomReflectionVector. (That one took me a while to figure out)
So in theory you could use the capture for translucent materials like ponds or lakes. I have heard rumors that 4.8 might have support for SSR on translucent materials. This would be the way to go! Scene capture nodes require a lot of extra compute time, but it is possible to save out a cubemap. You won’t have dynamic reflections, but you would still have the ability to use unique cubemaps for reflections.
I would recommend waiting for SSR support on translucent materials. It should make things like water look great!