You can do an unmult in After Effects too without the need for plugins.
Precompose your lens flare layer.
Apply a Channel -> Set Matte effect to the layer with the precomposed lens flare as its source
Settings:
Take Matte From Layer: this layer itself
Use For Matte: Luminance.
(sets the alpha to luminance)
Apply a Channel -> Channel Combiner effect.
Settings:
From: Straight to Premultiply
Invert: checked.
(predivides by the matte set above)
Voila! Now the Lens Flare looks the same as it ever did, but it has a transparency based on its luminance and no nasty black double premult fringes.
Then you can use Channel -> Alpha Levels to muck about with the alpha gamma if you like. The layer can then be rendered with an alpha and used with any blending mode your heart desires!
The Channel menu is the best menu in After Effects: 🙂
-Ben.
vfx.benrollason.com