Definitely not easy.
Very time consuming as for the homebrew it involves drilling each individual bullet.
After much reading and research on this topic.
1) You could buy tracers, its like 50 cents to $1 a round at most places for 9mm, more for rifle caliber
2) Make your own, very time consuming. Thanks to the unpatriotic act from George Dubya the Bush Junior the chemicals are no longer easy to find and they document your name and everything just as if you bought the ammo so what is the advantage. Definitely cheaper if than buying but only if you are an illegal immigrant and your time is worth $2.50 an hour
3) preferred, strangely most states do not regulate the bullet, and you can stil buy them pretty cheap. Mostly as "PULLS" but I figured some time back you could buy bullets at less than 5 cents a round buy small sellers who will not ask for your drivers license, credit card, height, weight, and shoe size.
Definite fire starters. Only safe to shoot during the winter when everything is wet. Illegal in like 12 states last time I looked many years back. Worse of all in some states like CA it is a felony so please be careful. Kind of silly to loose your freedom, gun rights, and ability to make a decent living and supporting yoru wife and kids because you wanted to go ooohhh......aaaaahhhh.....when you fired your bullet. Much more fun to cuddle up with the wife at night than being afraid that big bubba with the big deeeiick takes a liking for you in prison just because you wanted to impress your friends at the range with your red or green glowing bullets that really only look cool at night anyways.
If you are in a gun friendly state and have your own property then go for it. If not think about your wife and kids and find a more friendly diversion in your gun hobby.
MERRY CHRISTMAS EVERYONE!