Bicolor LED as status and clipping

[jonnaraev]

I was wondering whether it is possible to use a bi-color LED (Three legs, common cathode) as both the status LED and clipping LED in a stompbox? Of course the clipping would be required to go to ground, right? At least if the status LED should be independent from the effect circuit... Are there any effects between the two channels in the LED that would complicate this?
My idea was something like the Keeley All seeing eye (or is it ultra mod? The one with the LED..) that changes the color from the status-color as you play.