Manufacturers usually use a class of chemicals called phosphors to make plastics glow. They can include Strontium Aluminate and Zinc Sulfide, which are mixed into the plastic before it is molded. Alone, these two chemicals are mild irritants, but when mixed in plastics (especially something non-porous like silicone), very little actually comes in contact with skin.
So, my recommendation is, if the material that glows is non-porous, I wouldn't worry about it unless you are extremely sensitive, and by that I mean, pretty much anything causes you to break out or get yeast infections (most people don't have this problem). If the material that glows is porous, be a bit more cautious with insertion, but it still shouldn't be a problem. Perhaps use a condom if it worries you.
You can use any lubricant that is safe for the main material of the toy.