I'm experiencing a scenario that will explain why we need a new status light.
I have a CC match play game to play with a fellow CC member. I turned on the red light to let him know I was on WGT so I wouldn't get any invites with a green light on. He must have thought I was playing a multi-player game, which I wasn't. As soon as my opponent saw that red light, he logged off most likely irritated.
If my opponent would have saw a light of any designated color, indicating I was on WGT and ready to play our match, then I wouldn't have to be rude and decline any invites. I know it chaps peoples asses when a player turns down an invite, and they risk not being invited in the future.