QUOTE(Luuk Steitner @ Nov 29 2007, 10:59 PM)

You could render the flares on a black background without other objects in the scene. Then convert the image to gray scale and add it to your alpha channel.
To get the complete alpha at once you can also leave the objects in the scene and make them white with 100% ambiance.
But, maybe someone knows a better way to do this.
Have you tried using multipass to get the lensflare with the alpha?
Regarding Luuk's 'render on black' trick...I've done this before and rendered to tga's and then set up a Photoshop action that opens each frame- copies the image-makes a new channel-pastes the image into the new alpha channel (thus removing color info) and adjusts the levels (optional)
The action opens and saves the tga sequence...now you can bring it into Vegas and it will be properly masked.