For simple things like static trees, buildings, and maybe even NPCs, I think a script to check if the player is, either in range of an object, or in the cell, and then enable/disable everything, might work. This may cause a lot of lag though, I don't really know. Could I cover this by creating some sort of effect on the screen, since you're exiting the spell's range?
Also, how could I do this for objects that the player brings into that area as well?
Edit: I also just realized another issue. If the player enters the bubble, and there are monsters already in it, I need them to disappear while he's in the bubble... or just prevent them from entering the cell altogether. Is there any way to do those things?