no i think you just edit the .tga the file is com_sfx_lightning ( i know it is white but it is white in the game) just change the glow color (com_sfx_lightning)
You answered your own question for the second ??. it is supposed to look messed up in zeroedit. All you do is place it and copy the tat(munged) folder to where your odf and msh files are then place it (it will look screwed up) munge and it should look fixed.
The particle editor comes with the modtools, but I've read it's difficult to get it to work or something. I found this on Psych0freds site, and I know there's a topic about it somewhere. (from Ipodzanyman? not sure.).
I think this is the newer version of the particle editor?
EDIT: My memory serves me well. What you need to get the particle editor working should be in that topic.