I don't see why not, or just use the rate LED as the indicator for both by using the anode from the rate and cathode from the bypass if you don't mind the rate not being blinky blinky in bypass. I'm going to try the bi-color LED set up for rate on my next modulation build, but thats a month or two out at this point, i'd be very interested to know how it works out for you if you try it.