I know it would be a massive change to do anything about (similar to the magic eq changes) but i thought i'd drop a opinion on glowing equipment.

In my opinion there's too much in the way of randomly glowing equipment i come to this conclusion on the basis that i can't remember the last time a ranking or exploring party -ever- used a torch or a fancy glowing jewel or a strange fungus to light their way.
Even just one memeber of the party using it.

This devalues the natural benefit that the likes of dwarves and drow have.

Of course if the lead person in the group does not have the torch then they do not see anything when they walk into a room. If they free a hand to carry a torch then obviously they tank worse against aggro mobs, so this can be considered to be a gameplay issue.