Hi, Algado.
Even without an indicator on the screen, you can still use it like a one-button looper pedal. It might take some concentration to use it live, but in a live situation, I assume you wouldn't be watching the display on the Profiler anyway.
For auditioning Presets and Effects, it works fine.
ST
Well... not really usefull
A very simple solution should be using a "Stump" or an "Effect" place.
When record the light could be flashing
When play, the light could be ON
When looper stopped, light could be OFF
In adddition, the ability to chose emplacement of the looper could be very fun...
but for the moment, no choice, an external looper is still necessary ...