I2C LCD Shift Indicator?

I've been throwing around the idea of a simple I2C-based display meant to fit into the TM Open Wheel, and while I've figured out concepts that don't use this feature, would it be possible to implement a basic shift indicator (in lieu of traditional LED shift lights) on the display via simhub? The concept design attached below should illustrate more or less what I mean by this. Thanks for any input!
 

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