Smith, this is a neat concept, and honestly I had this idea ages ago (but no bike that I wanted to chop up, and no money to attempt it!)
However, I kept going, and here's the idea I came up with.
Now that you're using multicolor lights for shift and gear position, wouldn't it be interesting to use them for other things, in other places?
My thinking was to replace the guage lights on some black/white guages, with 3color LED's, and then have them change color under whatever circumstances. For example, the whole dash would flash blue at shiftpoint, red if oil pressure under <x>, and would be normally green. Or whatever. Couldn't figure out how to get a LOT of colors, but with some work I'm sure it's possible... i.e., green dash lights turn amber when the nitrous is armed, etc...
I was thinking of applications other than bikes, too, but it'd depend a lot on how the instruments are lit on whatever you're working on at the time. It should be possible to feed fiber optic lines to replace surfacemounted LED's, and have a common area to pick up for source, but that'd be probably terribly involved and customized.