Probably if you add a second func_train which acts like the dynamic light.
If the elevator is a func_train then we could, maybe add another func_train which has the FADE texture applied to it, but if you only set the Render Mode to Additive.
The effect was used in Opposing Force (multiple times), in the train ride, and in the map with lasers, too, which had a red alarm, which was an illusion of a dynamic light, but it was (I think) a func_rotating with a red texture.