You basically got it. FoL Paladin's are made for when your raid also has a HL paladin, and in that case, FoL makes for a GREAT spike healer.. Raid healer is to assume incoming damage and adjust their heals to compensate. As a FoL your basically looking for whoever has the lowest health, and shoving HUGE spikes of damage in less than the time of a GCD.
When I did FoL I basically was doing Luminous Ametrines in Yellow. Runed Cardinal Ruby is Red Sockets, and Royal Dreadstones for Blue Sockets. I would still do a normal 54/17/0 or 51/20/0 spec as you would, for maximum raid utility. And just replace HL glyph with FoL for the extra 5% crit..
Also, replace Luminous with Reckless Ametrine for Yellow sockets if you are below 649(correct me if I am wrong) haste.