Self-illu will be much slower and will not be able to cast a sharp shadow, especially from such a distance.
I'm silent once you try and get the same thing OP is after ;)
Then again, maybe I'm just wrong.
It must be me that everyone gets me wrong lately :) I just had the feeling, what Aram wrote was not clear enough to you, sorry.
The rest was about the option Aram suggested (using a decal with light material): It may be slow because of what I wrote - it turns the entire object into a light and Corona has to handle it.
So I thought that using a material just with self illumination for the decal would work as well to avoid this. And switching to self illu in the scene now shows in fact almost the same effect, but without creating that amount of light groups and thus is faster (just switch the CoronaSelectMaterial).
Basically, as mentioned, I would try with multiple lights as you. But because of:
How would you recreate the effect without modeling/shading the reality of the environment that's creating it?
...my variant is disqualified because I have 3D-blinds in the scene :) But this is the result. I used your scene @Aram, I hope you don't mind. The advantage may be that you can control sharpness by the light size (while adjusting intensity) and playing around with directionallity offers some interesting effects. And it's the most performant option while rendering.
Good Luck