As I sit down to think how to manage this, one MAJOR drawback:

You had better not forget any LEDs on your project 'cause adding one later is going to be "troublesome".

You can always add it at the bottom of your truth table, but I'm the obsessive compulsive type that likes symetry; LEDs are handled in the logic as they are placed on the circuit board. Remnants of hating spaghetti code on mainframes (COBOL + GOTO = NIGHTMARES).

Robert