From this question and this code, it's clear that using lib in the tsconfig will not polyfill any functionality you're using that isn't supported in your target environment.
If that's true, however, what is the use case supposed to be? If I had a polyfill that I'd pulled in, like bluebird, I would be using the DefinitelyTyped definition files. Is there a combination of target and lib that is intended to fix a common pattern in TS?