Yes this is absolutely possible! In fact I've been playing around with the idea with some new models, like a candle for example.
Just make your corona with an alpha channel that fades to black (transparent). Map it to a simple plane, and make a script using the "rotatetoplr" function. You could get even fancier and give it some subtle animation to make it "flicker". Or go all out and even give it an illumination map so that it will be unaffected by any lights in the scene, making it truly glow.
Even there is no so-called native support for coronas, countless games have used this technique. In model pack 2, you can see a similar example from the light beams emitted from the searchlight or the streetlamps.