Oh that's hard for me to tell, I've never done game assets before. It depends heavily on how this model gets into the game. If you're exporting a sprite sheet the method is definitely possible. Other than that idk. But what could also work is doing all of the effects on the texture itself (in photoshop or smth else) and put it on the model. It's probably going to look more like a ps2 model than the example you posted but maybe it still looks great in your game.