I know this one well.. way back when I worked on getting the Shadow Battlecrab over, I tried this for the first time and got creeped out watching the skin crawl as the ship moved. Exactly what I'd wanted.
Illumination maps *really* have not been done justice with the SFC engine.. for some reason, and I used to be under this misassumption myself.. I'd heard that you could only use black/white in an illumination map. *buzz* wrong, oh so wrong...
And if you lightly impose an illumination map on the main texture, you'll also make your main texture stand out.
Want to try something fun with your panels? One of the things I like to do, and have mentioned this to others.. is use pictures of natural materials to meet your needs. I'd go Google image browsing for public domain lightning shots to add in a crackle or two.
Or find a good shot of a mother of pearl texture to place behind the panel. It'll really make the irridescent sheen you're looking for pop.