I just gave a quick try, maybe you like it:
I know the Design looks very easy and not well done. For example my "Z" looks little Bumpy, because i forgot to remove the Bevel etc... i mean stuff like that.
*The Basic idea that you can take a "Z" and drop it in Photoshop. Than work with Motion Blurrs and stuff like that.
*More Advanced way to work with your "Z" is:
- Take a picture, Drop it in photoshop.
- In Adjustments, desaturate that picture, so when you`ll use Magic Wand tool with "32, you will able to capture more of the bluish light and less of the wight. But still you wont be able to cut it out perfectly by Wand tool.
Motion Blurring is very usefull sometimes in many ways, (here is my own tactic) i used Motion blur with 1 or 2 i dont remember, and than i worked on the Motion Bloor with Equilized settings. I mean i have a an entire Equilized lab in my Plug-ins. So i used some Contrast + Contrasted Equilizer in my KPT plug-in. And basicly here is what i came up with. And i`m sure you can do that with built in Equilizer, but i dont realy have that one.
Good Luck