I'm not quite sure what effect your after. A series of lines in different colours I think has been done, in conjunction with rotating the colour palette, but has been done for effect, rather than being implemented into a game.
I made some code in Pascal, to generate a physically moving 2D star field, just to see how that would go. The star field is like the one in the early AMSOFT Space Hawks game, though I'm assuming you want something more, than just a point.