What your suggesting in your first post wouldn't be considered true bypass because of its constant connection to your board input. This will affect the tone of an unbuffered input significantly, as is evident in entry level vox and crybaby wahs that do this as well.
Your other idea of integrating the LED into the circuit and use is as a voltage indicator also won't get too far, since the board always has power. That is, unless you add a switched connection between the power and the board, but then you'd be no further ahead and likely a little behind as you may have a few milliseconds delay when you engage the effect as the capacitors charge up.
I don't mean to come across as discouraging! It's good that you're challenging the way things are done and looking for other solutions. And by all means, still experiment with your ideas you've posted, but if it doesn't work exactly right you can revisit the anticipated pitfalls I've posted above ;)
Q: Why is a drummer like a scud missile?
A: Both are offensive and inaccurate.