Lightning Bolt's conversion of physical damage to lightning damage seems to be done in a similar manner as Fire Arrow and Cold Arrow in "missiles.txt", so this would suggest that Critical Strike will in fact work with Lightning Bolt. Crushing blow, open wounds, and other cast on hit effects should activate normally as well. Some other properties Lightning Bolt also possesses are CanSlow=1 (so slow effects should work), Pierce=1 (Pierce should work), ToHit=0 (does not check for AR, always hits), AlwaysExplode=0 (I think this means effect cannot be blocked, but that effect might just be the additional lightning damage).
Edit: Guided Arrow has AlwaysExplode=1 instead.
Edit: Guided Arrow has AlwaysExplode=1 instead.