I think the only effective way to do this would be to use plains in 3D, like a mock 2D engine - then you could make normal maps for your sprites to get cool lighting, plus there's lots of benefits like speed, and being able to use ghosting for better particle effects.
It is fairly easy to get a 2D screen in 3D, I'd use 1 3D unit = 1 pixel, then you can load in an image, sprite it and grab it's size, then make a plain for it and delete the sprite. It depends on what you need, but really the best looking 2D games are made in 3D these days.

We're going down... in a spiral to the ground...
