Hmm. Yes, it is a visible item in that when you have it equipped it can be visibly seen on your character. But be careful, because this is misleading based on how you worded the rest of your question.
Oh my god. Where do I start... #1 - Please don't call me Mary. There is a long and tragic story about why my forum handle is Mary Poppins, but I am not Mary Poppins, nor do I have any particular affinity towards the character, nor am I a female. I go by Morituus, or Morit, or The NGP, or a bunch of other things - but NOT Mary. #2 - No. To the best of my knowledge, right-clicking the item does not produce an effect.
Summary: Yes: Is it an item? Is the item equippable by at least one class-race-deity combo? Is it a visible item? (NOTE: could be misleading base off the original question that was asked, but it IS visible when equipped) Is it a range item? No: Is it an NPC? Is it a zone? Is it an animal? Did the item exist before Ruins of Kunark was released? Is it a sausage? Is it a primary slot item? Can you right-click it to produce an effect? Misc: Please don't call me Mary.
Holy crap - Ryker?! I thought you retired. It's good to see you're still around. No. There is no glow to the item. However, this could be a little misleading because just looking at it I would've thought there would be a glow to it - but no, there is none.
Technically, I am pretty much retired from the game, although I log in every once in a while just to chit-chat with some folks, and make sure my armor hasn't rusted! I also still lurk the forums. When I saw the return of EQ Trivia, by the NGP no less, I HAD to chime in! Does this item have any stat values?
Is it a light source, in EQ-mechanical terms? This is somewhat of a clarification question, but there are many items which don't themselves visibly glow, but "light" the world around the character. Epics are this way. lanterns are this way.
No. It is not a light source in-game. This was what I was talking about when answering Ryker's question about "glow". Sorry you had to use up a question to get clarification on it. I blame Ryker.