This is one of the big issues (after Simulator textfields) that Corona needs to tackle at some point, as a staple of development.
I want to do what most other engines can do, put an animated border around an arbitrary shape from a sprite.
Using com.ponywolf.strokeText as a base, I created a strokeImage module for just making simple borders around sprites. Using a brightness fill, I can finally stroke an arbitrary shape. It's just leaky and a bit too much work for the result imo.
Next, you would want it animated (glowy!). Until Particle Candy supports the graphics.newOutline coordinate array (it uses it's own interpretation of how to draw a shape now), or someone writes a transform we probably wont see emitter lines around an arbitrary shape to produce a nice uniform glow.
What I have done, is create a marginal little method to animated the borders and some sample images to show it off using a radial fill effect.
There's a lot to be desired, but it's ok for a placeholder. Some people may consider it "good enough".