Hi,
I attach "PlayLed" preset so I do not have to type it here and you do not have to follow my text...
It should produce:
* no light in stop (loop independent)
* continuous light in play without loop
* slow blinking in play with loop
* fast blinking in record (loop independent)
To test it, reassign MIDI for PlayLED control (in the Hardware tab, select PlayLED, "Forget MIDI", press your pad, "Assign MIDI"). This button does nothing in that example (but it can do whatever it should). Note that example use one Pad with LED, MIDI signal to light is the same as the MIDI signal it sends when pressed. Just modify MIDI sends if required (4 actions in PlayLED Monitor).
And here is the explanation:
* Transport System control (without MIDI assignments) just has 2 Monitors, for Transport and Loop. They both have the same action: trigger PlayLED Timer Monitor. We could skip Loop monitor, but in case you turn on Loop during playing LED will not start blink. Every time Transport or Loop states are changed, I simply ask PlayLED Monitor to react (note "now" option, "as usual" will produce no effect, since usually that "timer" never triggers,).
* PlayLED has MIDI assigned. That is not a requirement, but "<Use Ctrl MIDI>" was handy in my case. The control has just one timer. That "Timer" has speed "Once". It is not triggered periodically, we do not want it triggers when we do not need blinking (in stop and not looped play).
* In the PlayLED Timer (which is not really a timer as I have explained), I:
1) check "Stop" state, and turn off LED. Final state. No other monitoring will go on till triggered from Transport Monitor.
2) check "Play" with Loop Off, and turn LED on. Final state. No other monitoring will go on till triggered from Transport Monitor.
3) Turn LED on/off dependent on "Play LED State". It is user defined State Set with just 2 states, On and Off.
4) Change "Play LED State" to opposite, note "Loop" and "Set engine state" flags (without first it will not move from On, without second it will not be saved between monitor calls).
5) Dependent either we are in "Play" or in "Rec" (we already know we are in "Loop" if we are in "Play", since "Play" "Without loop" was already configured, with "Final" flag) we retrigger ourself(!) with required delay.
I guess you need as many such configurations as blinking buttons in your setup. MIDI signals, conditions to blink, may be even blinking speed are going to be different.
If you "Tweak configuration..." to the Faderport preset, you can see how I do "Shift". I distinguish between "Shift"+Something (ShiftUsed StateSet) and "just" Shift (which Lock/Unlock). That way it is possible "temporarily unshift" as well. A kind of combined in one key Shift and CapsLock solution.