Gophert;
I very much Like your “outside the box” idea, showing the battery’s state of charge by changing the flashing LED’s frequency.
It would further reduce parts count and possibly current consumption.
The nice thing with a microcontroller is that one could easily change the code until one finds a pleasant effect.
Another out of the box idea with a single LED: change the number of flashes depending on the charge. For instance, three flashes-pause-three flashes for a fully charged battery.
Single flash-pause-single flash for a discharged one.