funny to see you thoughts as that was exactly the same reasoning I did to protect my MTR rig some time ago.
As for you, I find disgusting trusting on the brightness of a single led. I prefer to avoid adding a variable capacitor for fine tuning as well, so I built a single analog meter (NoGaWatt). Here a couple pictures:
You can easily get the kit in US amd details of parts and schematic as provided in this page:
I think they currently don't have the panel meters anymore (just check with them), but the parts and PCB; you should add your own panel Meter. The bad news is it's not easy to find small and light panel meters nowadays but maybe on the States you can find dealers...
My version with a single panel meter plus the toggle switch to select Forward Pwr/ Reverse (then SWR) weights 90 gram (3,17 ounces), is it light enough?
If not, you can get rid of the plastic box and put something lighter...
It would be interesting to change the panel meter and put 3 leds instead... Look forward to get details as announced by Heinz
Hope it helps, VY 73 de Ignacio