I looked pretty hard for a spinner that lit up and could not find one. I was hoping to find something that lit up like a led ball top joystick.....no dice.
For my LED spinner ring setup I used the Ultimarc I-pac Ultimate I/O to power the ring LEDs and connect the arcade controls. I connected the 2 spinner ring LEDs to the Ultimate I/O and had LEDBlinky assign them as the spinner/dial port. LEDBlinky now turns them on when a game that uses the spinner/dial is selected.
In my research I noted that the concept of having a pair of LEDs light up a spinner ring is not particularly dependent on the specific brand of hardware controller, in my case the Ultimate I/O. There are several controllers out there that can do this and have the support of software like LEDBlinky. I just chose to build my cabinet out of all Ultimarc controls for simplicity.
Lit pedals is a cool idea. The concept of a MAME cabinet that has LEDs that light the pedals or area near the pedals or even a rectangular piece of recessed plexi on the CP with a pedal symbol as an indicator to the player to use the pedals could totally work. One thing this forum has shown me is that almost anything is possible with the right amount of hardware, software, time and money.

If you get a LED lit pedal solution working be sure to post it. I want to see it!