LED's may not draw a lot of power and they can be used. But the weak link of the GL1500 is the alternator. My 1993 had the original alternator and it quit in August 2010 and I upgraded to the Compufire package which is the alternator and battery. I have old style driving lights and neons, both consumed a lot of power and when I added the voyager with two additional lights the demand increased.
That's how it starts out, just a few lights and then you want to add a few more.
Normally a Ring of Fire graces the rotor covers, use a two place connector so that they can be removed for tire changes, under the front fairing, at the base of the windshield for a fiber optic effect and under the trunk and saddlebags; don't forget fuses and switches.
Available are LED pods, hard strips, flexible strips and individual LED's with resistors.