Currently, a custom SimulationScriptClass can be used with simulation type shotIlluminating.
Unfortunately, it seems that OnActivation and - more importantly - Simulate are only correctly bound to that single simulation type.
Additionally, redefining to shotIlluminating cannot be used as a workaround as there appears to be a 2 second delay on the call to OnActivation and subsequent Simulate iterations.
It would be beneficial if that was extended to the other shot classes, shotBullet, shotShell, and shotArrow to allow for dynamic behaviors to be implemented with ballistic projectiles.