Light bright pegs is a hell of an idea! I'm gonna have to try that out. I suppose you could even heat them up a bit and mold to shape fo rsuch things as nav lights on aircraft wingtips, maybe. I know I have seen a PE mold to make tear drop shaped nav lights. I'll have to ask chuckw about that.
I've also used clear sprue to make landing lights, Heat it up a bit with my trusty zippo till it shape likes a mushroom/half circle. Let it cool down, which doesnt take long, then cut it off, bingo, you have a light. Trial and error to get the shape right though.