It works fine.
I replaced my leds with my own red ones. I soldered the ground normally, and the + to BOTH the Green and Red + points.
My 360 lights up as it should, with the new red leds. If I RRoD, those same red leds blink/light as the RRoD should normally.
If you only want one color, just solder the + of your leds to both the green and red + points. You'll be fine.