I've seen several mods on the forum here for the concealed displays and V1 unit itself:
Concealed Display LED Mod DIY!!!!
COLOR Valentine One Displays
I am planning on doing this mod with a slight alteration. I know from reading languy99's post/sticky he has been working on colored arrows but due to his work schedule, he hasn't had a whole lot of time to put toward this. I'm not trying to steal his or anyone else's thunder, but I think I have found a easy and CHEAP way to do this and will be trying it on my CD this weekend (provided the stuff shows up in time).
If all goes as planned my new CD will have the following color scheme:
Strength meter: green, green, yellow, yellow, orange, orange, red, red.
Band Identification: X=yellow, K=orange, Ka=red, and laser=blue.
Arrows (hopefully): up=red, side=green or yellow, and rear=orange. However looking at the face plate the arrows would have no color. The option to have the arrows match the color of the LED behind them is always there, but for now I think I'll stick with no color.
Wish me luck!