you can only render transperent images in a gif format, which results in colour loss. HOWEVER, you can render out using a solid base colour in the background (Red, Green or Blue) and then use another program to remove the background.
Render as a PNG file. Anything not renedered, and even the glow's gradient transparency, will be in the PNG's alpha mask, and thus be transparent. Problem is, if you're doing this for web purposes, IE6 and earlier doesnt support PNG transparency, although Firefox does, and I believe IE7+ does as well.
PNG is the best option (24-bits of color, lossless compression, 8-bits of Alpha, and compress more that a GIF). GIF is dead except for making small animations.
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