Basically, when you select a light, there could be a little button beside it (Like the events button) so change settings. They could be edited just like the environment window with sliders and stuff. You could choose what way you want the light to shine (so it doesn't show through walls.) This could be done the same way as making characters move in Game Maker with the arrows and stuff. You could choose the colour with a slider to get all colours and you can also change the radius of the light so one light can fill a room or a small area, again using sliders. Making negative lights could also be great to make certain areas darker.
There should also be a copy box like with the events. If you do not choose these advanced settings, the light would be applied as normal.
This could make builds a lot prettier and even more functional.