Or you can do both sometimes i like to glow blue sometimes i like to glow red, don't put limitations on what you want to do.
^^ Someone gets it.
If you're going to bother to make a glowy fishing rod, might as well make a Lu+1 for when you're feeling blue. It's just some mindless RoE, and if you're still working on NQ Ebisu by catching your own fish (or leveling fishing like the OP) you can knock out a lot of - if not all of - the ROE for Lu+1 at the same time.
Yeah, Ebisu +1 is the "best" rod, but all fishing is nearly worthless for practical purposes, so either glowing rod is nothing but a shiny prestige trophy. I say if you're gonna bother to fish, might as well go all the way! To me, it's kind of relaxing... now I actually want to do some FFXI fishing just thinking about it.
As for not being able to resell Lu Shang's after HQing it... if you're worried about not recouping the costs of a 500k-1mil fishing rod, you probably shouldn't be wasting your time fishing in the first place.