No, you would not have enough video memory or texture bandwidth.
Directional lights are very specialized because you cannot possibly make a texture big enough to shade the whole scene, with a decent resolution. The whole challenge of directional lights is to use more pixels in the foreground and fewer in the background. The two main ways of doing this are to have several renders of the scene at different resolutions, or to render the shadow with a skewed matrix that uses more pixels closer to the camera.
There's little I can do to optimize directional lights, as they are very much a brute force technique. Far Cry 2 seems to use a skewing technique that doesn't seem to have visual errors, but of course they are going to go to great lengths to hide any errors their technique produces by not using certain sun angles. If I can devise a decent skewing technique, it could mean one shadow render of the scene instead of three, but I am not sure I have ever seen an error-free implementation.
Yes, but you have some additional options that will produce real time shadows at virtually no cost.