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To my knowledge, that exact phrase (as a greeting or otherwise) is not found in the Bible. Although love and light are both attributes of the God of the Bible, as noted by John (1 John 4:8 and 1 John 1:5), I believe that the use of those specific words as a phrase or a greeting is more commonly associated with those espousing "New Age" philosophy, or practicing actions that the Bible condemns (such as clairvoyance), who do not share the biblical meaning or understanding of those terms when using them. To me, there would be nothing inherently wrong about a Christian using those same words in their Biblical sense as a greeting (especially when speaking to another Christian who was clear on the sense in which the speaker was meaning or employing them). However, in view of their added association with a non-Christian context, it might give an incorrect impression of the speaker's views to other listeners, and thus not be an effective witness.
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