Have you considered using the following App? It is what I use to control the LEDs on the switch. It makes them much easier to use as it provides much more options. Also, it can easily make it controllable via a virtual device if that’s what you would be looking for.
I'm guessing just a practical reason so the device detail page wasn't filled with dozens of preferences most may never use. From a quick look at their code, it looks like this might scale with minor modifications as long as you stay at or under 9 (though you'll still need to make some minor changes, and the above won't quite cut it) -- they're using values over that for other meanings already (default level child device, etc.). There's no reason it needs to work that way, so it could also be re-written to handle other scenarios, but that appears to be the what you can do with it without too much more work as-is.
A better solution if you have lots of notifications you want to create is probably something like suggested above. Even without a custom app, you can also use Rule Machine to use the setIndicator() command to create whatever effect you want without needing to create all these child devices ahead of time. That's what I ended up doing since I found it easier than needing to manage all these child devices (and I eventually wrote my own driver where I didn't even implement that functionality).
The above is assuming the current Red Series (LZW31-SN/30-SN) models, BTW. You didn't say, so I'm not sure, but I haven't looked at how the Blue Series does this (already gave up on that idea by then ) and we're hopefully weeks or months away from the new Red Series...
These both look like great solutions. I was looking for something along the lines of setIndicator() but didn't see it. But now that you mentioned it i finally found it under Custom Actions. Thanks guys!