光姫 to me looks/sounds like name + title (think: Princess Diana).
光の姫 looks and sounds a bit more like a something you'd find in a story or fantasy. ピカ姫 is more like "Flash Princess".
煌めき姫 (キラメキ姫)= Sparkling Princess
We had a thread using this word just a couple of months ago. Another poster was considering that kanji in a person's name. In that thread there was some discussion on what sounded good - which might be of interest to you.
(Oops, just glanced at the thread again and it looks like it might be a bit different from your needs. Anyway, I put it here for your reference just in case)
Hey guys, here's a question that's been sitting in the back of my head. When it comes to lyrical flow in a song, what are the general things that make it sound "off" to Japanese people? I notice a lot of times when Japanese people create their own songs and add English phrases in them, the...