You can't access the lights properties without destroying the Light Block which is not ideal.
It is possible to adjust the light source without destroying the light block: To do this, you need to enable the "noclip" function, reduce your flight speed in flight mode, and then you can simply fly into the block and make the adjustments.
In the example with the ring light and the light source in the center, I agree with you- that isn’t possible right now, except for the workaround of scaling the light source down to 0.01 and placing it in the air. However, since the light source isn't directly visible when you install it in light blocks (ID 800), no one will likely notice that it wasn't placed in the center of the ring.
When it comes to lighting, I think it would be much more interesting to be able to adjust the beam range of individual lamps. The warm light from the red lantern, in particular, doesn’t reach very far, and you need a lot of light sources to properly illuminate buildings. I quickly reach the limit with the 100 light sources within sight, which then triggers the “motion detector effect”