Well, yeah... You make a ball in the shape of the sheild you want, (do all the timing and animating tricks you want to do to the thing..)
Then you make a picture of blueish lense flare (head-on) with the lens reflection thingy turned on. Make the shot to the ball, aim the flare where it needs to be.. Add noise, and voila! There are several tutorials explaining this and other techniques floating about on the internet. And if it's not for LW, it's very easy to apply the same steps!
This is the way I've always done my shields... With some more steps added in, of course.
