Yes, I mean exactly like that! Feel free to tweak the Magic Glow to your liking though but the unlit phosphors are hardly visible so it’s good that you’ve resisted the temptation to crank it all the way so everyone can see the effect. Not everything has to be easily seen or noticed to make a difference.
I might still tone down the Magic Glow a bit so that the transition is more subtle but that’s just me. If that’s how you want it that’s fine as well.
I found in my experience that when it was set too high, it affected things like the white outline of the power bars in Street Fighter II in a slightly unrealistic manner.
Again, it sometimes isn’t about being able to see the effect, but the effect of the effect when combined with other things to encompass a whole.
You can take a look at this example: