Circular Polarizers do quite a lot more actually.
In fact, they do affect GI if you translate how a polarizer works to a renderer.
In essence they do just one thing and that's transmitting light of a certain polarization (the orientation of the electromagnetic wave) to the camera sensor.
When light bounces on particles in the atmosphere it changes polarity and this polarization effect is the greatest when the sun is behind the observer.
So if you choose to do it in TG and want to do it realistically then keep this in the back of your mind Greg.
Besides that also reflected light changes in polarization.
When using a circular polarization filter you rotate this filter in such way that you can reduce reflections in water, allowing you to emphasize the transparency on the water.
This is something you can adjust easily in TG.
However, what you can't do in TG is adjusting for the effects of a polarizer on the surfaces.
Surface colours, contrast and shadows can change quite dramatically.
If you would think about this in a GI way then it also affects indirect lighting, since indirect lighting is bounced light it is likely also different in polarization and thus will be affected by using a polarization filter.
I have enclosed 2 photos I have shot about 2 months ago in New Zealand, demonstrating the effect of a polarizer on atmosphere and surfaces.
The sun is not even in the ideal position to demonstrate it perfectly, but the effect is already very dramatic.
There's not an easy tweak in TG to get a polarizing effect on surfaces, so you would have to design them on purpose for emulating a polarizer.
Cheers,
Martin