The example I included is meant to represent a textile with a metal thread, exactly as you described. However, what is not apparent in the render is that as the camera rotates around the model, there is a glitter effect - there is a flake layer inside a layered material. The example is not meant to represent glitter, or sequin, etc. it is only meant to illustrate the fact that I have made an effort to implement a glitter effect and have not been able to achieve a completely desirable result.
I am aiming for the effect that can be observed in the stochastic flakes link from the original post, however, I have not managed to create something even close to that, and it may not be technically feasible to do inside Corona at this time - it is not a rendering feature that is currently available. It would be good to know (absolutely) whether it is currently possible to achieve an effect like that with Corona, because if not I could just be spinning my wheels...
That being said, there are technical artists, and more generally artists with more experience, that might be able to create something like that in Corona, and so I am not willing to write off that possibility right away simply because I, personally, wasn't able to do it yet.
