The projectile flashing MIGHT be too much if it's every projectile, especially at the scale the lights are at. I think you'll have a homerun on your hands with a bit of tweaking.
For what it's worth, in my game the projectile color is red for the enemy, and it only lights up if there's a specific reason. There's muzzle flashes when they are fired, but no on going lights.
Just my thoughts. I'd leave the flashing lights on the enemy though, I think that's fun