The basic idea was to use a chain of Viewports and TextureRects using the previous ViewportTexture to do the effect. This is essentially just setting up a chain of framebuffers that I can draw on top of at each step. The first step just does a simple calculation to convert the incoming color to an "energy" value with a simple shader on the whole frame. Then there are two decay viewports that feed each other to decay the old frame and overlay the new one. These just have a decay parameter that I can tweak to get different effects. There's a final Viewport that supersamples everything because I'm going for more of a vector display look than a CRT. And I can layer on other effects at either the energy state (like decaying phoshpor) or at the final stage (like flicker or screen curve).

Here I've exaggerated the decay quite a bit so you can see the effect. https://www.youtube.com/watch?v=2ZrvcZIfqOI The trails there are entirely from this effect. I'm only rendering the spinning figure. You can also see where lines overlap they are brighter than the surrounding lines because I cap the maximum energy value in the first layer.