Tom, yes, it definitely could. BUT.
The effect that you’d be going for is called “OSL” or “Object Source Lighting” which is a technique for “casting” artificial light across parts of the model. It can be achieved using almost any medium, from regular acrylic paints to oils to inks. Inks, when used with an airbrush, do offer a quick and easy way to get the gradients almost perfect.
OSL can be very striking. Here’s a video that outlines the concepts using drybrushing to get the effect : https://www.youtube.com/watch?v=c4hRwWe0WNs
There’s going to be a problem using OSL on a traditional scale model, however. A convincing OSL effect requires that the rest of the model be extra dark so that the glowing light stands out. Otherwise it just makes the “lit” area look washed out.
And since on our scale models we’re generally using the model’s shape to cast natural, real shadows, rather than artificially adding them like one does on a wargaming miniature, artificially adding light probably won’t look right in context, unless you radically darken the rest of the project.
So you could definitely do this. I can picture it being very awesome: A nighttime diorama of your lightship, where the primary “illumination” was the warm search/fog lights casting OSL onto the ship from above, following the inverse square rule and getting darker the further from the lights it gets; and then transitioning slowly to very dark tones with some cool blueish star/moonlight highlights in the shadowy areas.
Here’s a great read on what I’m struggling to describe, and I grabbed an image of a Victoria Lamb’s famous “The Rescue of Sister Joan” that, while over 25 years old now, is still an amazing application of the technique:
However, this would be getting pretty far outside “traditional” scale modeling, and heavily into a more artistic interpretation of the ship, and the focus of the project would be on the lighting rather than the ship itself.
I’d love to see it done, though. 