Hi Keiran!
Also, another option you have is to change the background color of the boolean text. Right click on the property node for the LED and select Properties->Boolean Text->Text Colors->BG Color. Just like the blinking color is yellow (and unable to be changed), modifying the BG Color automatically makes the BG Color of the boolean text red while blinking (no matter what color you select).
Refer to the attached VI (written in LV 7.0) to better understand what this means
Hope this helps!
Travis H.
National Instruments
Travis H.
LabVIEW R&D
National Instruments