Although the system may be possible (WITH SCIENCE) that is really difficult to do in MMOs, just with how servers are set up and resources in general.

Particle effects (which is what they're generally referred to) on their own take up a lot of resources, and the amount of work that goes behind them and rendering them may be a bit more than you think. If such a system was implemented, it would probably be incredibly cut-and-paste. Creating particle effects for games isn't a matter of waving a magic wand with an idea, it can take a very long time to create a single effect.

The idea is interesting and may be possible to implement in another game in the future (if you get your break in development) but for now is out of the realm of possibility.