For pedalboards, as most pedals use a red LED for ON, then unless you mod all your pedals to have ON-LEDs to be a colour other than red, it can become challenging or confusing to have red LEDs indicate power to the pedal and an alternate colour for ON.
A few DIY pedals mixed with commercial pedals on a darkened stage...
"Is that pedal ON or just powered up... oh, it's one of my own builds..."
I suppose it's not so bad if you're a minimalist and have only 3 pedals.
When I first got into DIY I was going to adopt the red=power, green=on (or blue or amber or white or ...) for my entire pedalboard; I really liked the idea, but in the end it was just too much work to swap out all the red LEDs from my commercial pedals. I suppose the solution is to ditch all the commercial pedals and just have an all DIY board.
For an onboard bass-pre, I think I'll go red for power and BLUE for ON.
So... bicolour LEDs ... What's your preference? Common-anode or common-cathode?