No, no and no!
Look at a streetlight at night, from behind. Notice that not only do you see a halo of glow, but the glow even bleeds into the center of the halo and lightens it a bit.
Apply the same thing to engine glows:
1) Render and save as BMP or TIFF or TGA - not JPEG. (JPEG is a lossy format - it doesn't keep a true replica of the pixel data, adn so the more you work witha certain JPEG, saving and opening it, the more the image will get corrupted).
2) Open the render in PS, and create a new layer above it.
3) Select the area you want to have the engine glow in, and then feather the selction about 30-50% of the selection. When you make the selction, make sure to select mostly
around the engine if you are viewing the ship from in front. However, select some of the edges of the engine so you get the streetlight effect as well.

4) Fill the selction with white.
5) Change the blending of the layer to screen.
6) Enjoy!

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truly understands what you are going through.
"He who laughs last thinks slowest."
"Just becase you're paranoid doesn't mean they're not out to get you."
"To err is human; to really screw up you need a computer."
Creator of the
Sandvich Bar, the CapShip Turret Upgrade, the Complete FS2 Ship List and the System Backgrounds List (all available from the site)