On my current quadcopter the LED on the Teensy 3.1 is used for ARM/DISAM indicator for the transmitter. It is an important feature, allows me to know if the transmitter controls are active, i.e. any movement of the controls will turn on the propellers.
It would be nice to provide some more information, i.e battery information, compass calibration etc and keeping the weight down, found the following I2C LCD
Found several examples from Adafruit and several examples using micropython. I updated the example to use python-smbus and it is working. The display is also part of the multiWii code base.