I would do it as a practical effect. Real lights would be substantially less work than the tracking issues. It would be as real as possible. Furthermore it will dynamically affect the scene (the light would play on real objects). Then if the lights are bright enough. With some levels work, in post you can possibly isolate them for interesting effects. Like trails (from echo) or highlight blurs of specific colors.
Look at the Making Of The Video out right now for the Foo Fighters’s video “Best of You”. They dressed guys up in suits with lights on them for a composite element.
Chris Smith
https://www.sugarfilmproduction.com