I want a similar application, but couldn't find it. I wanted it so that I could change the LED from flashing to solid.
i then looked at what causes the LED to flash (mostly getting mail) and came up with this simple shell script
#!/bin/sh
FILE=/data/email/*.new
while true; do
if [ -e $FILE ]; then
led -t 1 -m 1
fi
sleep 10
done
it checks evey 10 seconds if I have new mail, if I do it turns the mail led on turning the LED off is handled by the mail app.
if you want to moditor the LED's for other purposes then this isn't going to help you at all...
