Well there is a reason it is called basic lighting, you will also need to convince the people working on Torque3D to not rip it out, since they are planning on removing it.
To your question, I noticed there is simple lightmap baking for terrains in Torque now, but not for objects. For the dynamic shadows the player casts, you may be able to add it to other dynamic objects as well in source code, since it seems to be there somewhere. However I would not recommend it, since the last time I tested the player shadows on basic lighting I noticed that the shadows are cast through static shapes, so in case of my buildingsite map, the shadows will leak through the ground and will give players position away, so that kind of shadow only works if you have just one layer of terrain with not much different levels elevations.
Don't buy the tool for $500 since it is not in development anymore, so no support for that. But you can easily bake lightmaps in blender, you add a second UV layer, bake the lighting and add it into the second UV layer as texture in blender using lightmap or whatever blend mode, then it will work.
However keep in mind, that you cannot do this with dynamic objects obviously as well as the Torque terrain, but if you do the whole scene in blender, you can bake everything there and just export it into the engine and it will look basically the same as you baked it. If you build everything as a single static mesh and bake it all into one texture, you will get extremely good performance in Torque, the last time I tested that I got around 600 FPS in Torque with a 5000 polygons level.