The way I understand it the properties of an Ogre::Light are used to calculate the colour of the vertices on a mesh in real-time before rendering.
Nope. The properties of an Ogre light exist solely to hand over to directx (D3DLight9) or opengl (glLightf), which is where the light calculation is done. Gpus have had hardware lighting calculation since the geforce 256 days (1999).
That's why ogre only has point, spot and directional lights, because that's all directx and opengl have. It's also why ogre is limited to 8 lights affecting a single mesh (when not using shaders), because 8 lights is the hardware limit for gpus in the fixed function pipeline.
However, assuming you aren't using shaders (since there's no way of knowing what freaky lighting algorithms are in use there), the standard fixed function lighting equation is really easy and would take very little ogre code. We only have 4 lighting attenuation values (constant, linear, quadratic and one as a simple range cutoff), diffuse colour, ambient colour. We don't need emmissive or specular colour, since those are not properties of light at a point in space (they need surface info like normals).
Off the top of my head (and it's 4:38am), the algorithm would roughly be (for a point light):
distance = (point - lightpos).length()
if(distance<range)
light = ambient + diffuse / (attenConstant + attenLinear * distance + attenQuad * distance * distance)
If you did give it a normal as well, you could do the lambert shading of the diffuse light and add the specular calculation in, which isn't hard.
Spot lights are a little trickier, but not by much.
I think having a lighting query like this could be handy, think of stealth games which need to know if a character is in light. Ok, it's not going to know about shadows (but Moc could be used for that), but sampling the light from the environment rather than looking up a baked texture (the way quake did it) could be useful. You could use it to calculate spherical harmonics of the light at a point in space too, back when I did my SH test in ogre I had to calculate how much each light affected a model so I could generate the SH coefficients to simulate the lights.
It would then make sense to also have a light query function in the scene manager which calculates the light at a point using all lights in the scene (since the scene manager has all the lights, plus it probably knows which are the 8 closest which will be used for rendering).