Asbestos in talc was a problem many, many years ago but was resolved by the discovery of new sources, initially in Italy, that were asbestos free.
Lycopodium would not, I think, be acceptable as a cosmetic dusting powder. It is an unpleasant dirty yellow colour but, apart from that, it does not respond well to industrial mixing procedures. Lycopodium has a structure comprising an oil filled sac. in the rigours experienced during mixing etc, the sacs are easily ruptured, thus releasing the oil. This is accelerated and intensified by the presence of liquids (e.g perfume oil) and by solid particles (e,g talc). So, instead of a dusting powder, the result is a sticky mass.
All fragrance concentrates are liquids comprising blends of odourous materials. Adding “little bit of sparkle” will not alter this fact and have no effect on perfume stability. (Perhaps I have misunderstood this part).