Yes, glowing tracers are entirely possible. H2CE's beam rifle has a glow to its tracers.

But why the hell would they "improve the look of battles?" The muzzle flashes are cool enough, thank you. You ask for ideas as moronic as your name, .:}_50Çã{_|neا*yles<™>:.

Anyway, the tag space could be saved for something more practical, like a human blade (bayonet) on the underside of a rifle (to substitute for the apparent lack of a combat knife). Stabbing an unshielded target from the front can potentially do more damage than simply clubbing them. And against Flood, the bayonet might actually do some damage, like shearing off limbs.