its in a loft with high ceilings and has open roomways.

Depends what size pool table really,

But i'm going to go ahead and say probably no bigger than a 8x4 feet

If you want a proper big one then l guess not.what with pulling back your cue and all.you really may damage the walls and especially your cue!

You need 5' from the edge of the playing surface to the wall for a full size cue. http://independentbilliardservices.com/Documents/roomchart_pic.gif
This chart shows the different size options

No. You need about 4 to 5 feet from the rail to the wall to make the play enjoyable. If you got a small table, say 3 x 6 feet, then your room width should be at least 12 to 13 feet and the lenght should be 14 to 16 feet. Anything less, you will soon regret putting a table in such a small space.