If it were really a magical girl transformation sequence, he'd come out the other side wearing a lot less.
But lack of miniskirts aside, yeah, I'm for it. Like I learned from all that Sailor Moon I soaked up at an impressionable age, spinning around naked and beribboned in a sparkly multicolored void is just how real heroes get into their costumes. And if Hal's a real hero, well, he deserves some ribbons and sparkle of his very own. I would've expected Kyle to go there first- you can't tell me he never muttered Lantern make-up power! under his breath while ring-constructing his costume- but hey.
Has nobody linked to the Queen of Wands strip yet?