[FlyingMongoose]

I think there's someone making a SourceMM plugin of WC3 XP already (they're the one who did the eventscripts version and found eventscripts to be too limiting)

No there's no glow (that I know of) but there is alpha.

If you've ever played the map nippers_opus, nipper created a way to give a glow or have a lightning effect surround a weapon to a certain distance basically placing a colored light or effect positioned around the origin of the weapon, in otherwords it was a moving entity as long as the weapon was picked up (I think), maybe look at how this was done to get an idea on how to possibly create a glow like that?

There's a USP and a P228 in the map, the p228 gives sort of a lightning effect that shows around the holder of that weapon, the USP gives a red glow (using a light)