yes. i made  a shader like that but then the arm reflection is very hard.

but you know what? now that i think i about it why even bother since IBL's are also not perfect? IBL is good for some fast global lighting. and it looks good with AO. but the light is  still without shadows. for example if in the IBL there is a bright light on the left then this means that boths arms will look the same. both arms will be lit from the left.

i think 3dsmax and maya have final gather for this. they make softshadows  with HDR's.