Like the Fractal FCs, you should be able to assign functions to both a quick press of the switches (as it works currently) or through a hold function. So with one switch, you could turn on/off a drive, but you could also turn on/off a chorus if you hold that switch. Then you could assign the color you wanted and assign which function you want the light on for. Besides just bypassing effects, you should be able to decide what utilities you want affected or even toggle between effects.
So each switch would have tap or hold, and each of those would have “select” or “toggle” abilities.