this was pretty much the first thing I tried to do with terragen...
one solution, though not the best, was to edit the .tgd file...
if you load an .obj file you'll get a new section in the .tgd file called 'obj_reader'
formated like this:
<obj_reader
name = "fireworks"
bla
bla
bla
filename = "fireworks.obj"
>
</obj_reader>
what you can do using a script (python in my case)
is write a series of new .tgd files with the 'filename' parameter changed to one of a series of files
like this:
<obj_reader
name = "fireworks"
bla
bla
bla
filename = "fireworks_001.obj"
>
</obj_reader>
<obj_reader
name = "fireworks"
bla
bla
bla
filename = "fireworks_002.obj"
>
</obj_reader>
<obj_reader
name = "fireworks"
bla
bla
bla
filename = "fireworks_003.obj"
>
</obj_reader>
then render each .tgd to an image name that matches the obj name (or whatever)
here is a test I did using Houdini to create some fireworks, with cubes at each point, then into terragen (default scene), then comped in Houdini.
http://www.youtube.com/watch?v=Qd2tiFnE09Q