Not that I'm aware of but you could clone the object (EDIT: or better still use "Instance Object") and use the "Exclude Limb" command to show only the limb of the object you are using "Set Object Emissive" on and exclude that limb on the other object.
Depends how complicated the object is I guess and whether or not you're using individual limb rotation / offsets etc. on any other limbs in the object...
Another option might be to use a 'glued' object instead of a limb...
...or to use "Set Limb Effect" and highlight the limb another way?