Lightings affect on Baked textures?

Mouser

I have been experimenting with the Bake option to reduce animation render (Iray) times with some sucsess.

This is an area I am a bit clueless in (as in totaly) ,  does baking textures impact the number of lights you need?

Example:

If I bake a model/figure or whatever under a light setup, can I get thte same effect after removing some or all said lights?

As every light adds to the render time I'm scrounging for anything that reduces the render time.

I hope that made sense.