Call me a traditionalist, but the only place for LEDs in a mic is behind the tube, to accentuate the glow. :roll:
But for that mic, I could imagine some fun options. Why not use a 3-LED color organ scheme, so you can test for placebo effect? "Sure, let me warm that mic's sound up a bit" and dial in more red and yellow. Or have it pulse with the beat.
Or... hey, this is a neat idea - have a 3-LED color organ as a VU meter! Then the talent can get visual feedback on their distance and SPL. Or for when you're recording by yourself, you could watch your levels in the mic instead of having to waste concentration on watching the real meter from across the room.