I use Lightwave as my primary modelling program, but I'm not entirely sure what you're asking. The first point to note is that to my knowledge, there's no import/export plugins to move SFC models into and out of Lightwave. I end up having to use 3DS Max to export to a 3DS, work in Lightwave, and then export bck to 3DS and use Max for the texturing and SFC export.
1) If I'm reading this right, you're asking about the glow colors the game engine adds in. these aren't actually done with Lightwave/3DSMax at all. There's a tool in the Model tools from taldren that defines glow groups for the model, and it ends up in the GF file.
2) This can be done with anything that manipulates geometry(IE: any modelling program), but it's not necessarily easy to pull off well.