I considered installing inlays, only in the "players view" paert of the neck, if you catch my drift, on my fisr bass. I decided to opt out of it since it was my first instrument, and a 7 peice neckthrough already. Still I would love to do it to another porject, maybe my next. I have already experimented with color changing LED's I have a "false button" on my first bass if I change my mind and decide to actually put it in, it just looked to classy with its killer quilted top and burled knobs to have a flashy light. Employing the color changing LED is something you guys might want to look into, you use it virtually anywhere, even in neck inlays. I have an LED that can either be green, amber or red depending on how you wire it, it has three leads- a common ground and two + terminals. If you wire the middle and one + side you get amber, if you use the other + side you get green, if you bridge the +'s then you get red. So if you wire it up for red and then use a mercury switch between the two + leads and place the mercury switch at just the right angle, the color will change from red to green depending on your level of excitement (dancing, jumping) during performances. If you had them on the neck you could could make it so that every other light was "reverse wired" with alternating colors. I have not put in the the time to figure it out, but it may be possible to get all three colors out of one light if several merc switches are used in tandem, of course you have to make sure of their position so that conlicting signals do not occur. Have fun with this one guys.
BTW if they were on a neck side of fretboard how would you guys flsu mount them? You obviously would not want them to be sticking out as LEDS often do...
PEace,
Ryan Rice