Listen man, just do what you do and learn from mistakes. The best people to perform magic fo are family and freinds because the most of the time respect you and you should be able to trust them. It is just good company. If you want to do the floating light bulb, do it. I don't see anything wrong with it. I think when a magician comes up with a great idea and tradmarks it, he calls it his own. and when the magician dies they would probably think it was cool that someone liked their trick so much that they learn to perform it. Just make sure you put your own style to it. I wish you luck.
If you haven't worked with thread before, and you may have- I don't know, but johnathon has great advise as well. It is much easier if you start out with something smaller. Thread has a threshold and you will need to master that.
As for the dancing hanky, I saw something pretty similar to what you were explaining in the book "Secret Illusion Show" by Andrew Mayne. You can find it on the Pengin Magic Shop online.
Have a good time.