This is the quickest experiment I can pull together (in fact, I was busy working on some science for after nap, but don't tell her that) so I headed to the learning closet to get the stuff.
I am not a fan of loose glitter, but glitter glue is pretty awesome, and we had some. All the recipes for Gak that I've seen specify white glue, but really, how different can they be? A quick Google search showed me that several other mothers had already realized that glitter glue is by far more awesome, and that white glue has no magical properties that make it super Gak-like.
The recipe is the same (1 bottle glue, 1/4 cup water, 1 tsp Borax) , the outcome is more sparkly. I wish we had the light table together, because this would have been even more awesome to do on a lit surface. I did end up putting it back into the borax water because it was stickier than it should have been. I don't think this was the result of different glue, just our impatients.
Glitter, without it invading every crevice of our home. I love it.