Well, it's easy. All you need to do is write your own implenentation of PlaceholderEvaluator. Take a look at CommonsPlaceholderEvaluator for an example.
spring-config is compatable with Java 1.4. The current implementation uses the java.util.regex to match the placeholders.
No. Most of the dependencies listing are for either Spring or a specific configuration agent. The only dependency required by spring-config (apart from spring.jar) is commons-logging.jar.