That's the only feature! I've messaged vijay with the value he needs to update his application with mogul support, so I hope he'll do that in the future if he has time. But until then, I whipped up this.
It might be buggy and it isn't quite the fastest application out there (I wish I knew how to query the camera for the current status of the LED) but it's a neat little tech demo that someone might find useful. I'll post the source code later after I have a chance to clean it up.
Report back with any problems as I've only tested this on my device! (Sprint Mogul)
Also, here's the obligatory "this program could possible harm your device and I take no responsibility for such an event." Use with caution and I wouldn't recommend leaving this on for long periods of time.
I'm using it with AEBPlus and have it bound to my camera key.