AFAIK context-param
and env-entry
both hold static values. You will not get the runtime (dynamic) value from the property file.
It will be like:
<context-param>
<param-name>myparam</param-name>
<param-value>myactualpropertyvalue</param-value>
</context-param>
Any change to the value needs a redeployment of the web app.
In your example, the value you retrieve would be the String classpath:mypropertyfile.properties['myproperty']
If you use Glassfish you can update it on the fly from commandline http://javahowto.blogspot.com/2010/04/glassfish-set-web-env-entry.html
If I understand your requirement is at build time (i.e different war for different env) and not during running time?
You could replace the values in web.xml as part of the ant/maven build process.