This would be a great edition to the game, but I imagine it would be extremely expensive and heavily abused. Hopefully there would be an option for toggling it off and on similar to the ones that have been developed for particles such as flames and even sets themselves ( assuming this will be implemented in a later version of toribash, perhaps 5.0 or 5.1).
For distribution, I would think it would be purchasable similar to how textures or even joint textures are purchased, no? I would imagine a higher price than joint textures, however, considering it's giving the players every option of colour in the game as well as adding a "glow" effect on top of it, resulting in a price point of around 40k, taking into consideration that the glow would have no resolution besides 512 (maybe).
tl:dr Good idea, but pricing will be a pain and a heartbreak for many user's wallets.