Tristated output to two common Base transistor issue

[RussMartin]

Can the circuit be simplified?

Is there a special reason that each LED must have its own transistor driver? And that one is PNP while the other is NPN?

Have you considered using one transistor to drive two LEDs in series? (Two LEDs in series use the same 50 mA of current!) It would reduce your parts count a lot.

Is there a special reason for setting the output pin to high-Z (input) to turn the LEDs off? (Are you then using the pin as an input?) Have you considered leaving the output pin as output, adding a pull-up (or pull-down) resistor, and simply toggling it high and low?