It could be a solution, your text here, but remind this LED have forward current as 6-700mA! With a relative small Li-Po battery 1.11V 1200mAh, I think power safe mode is needed. Mostly it is necessary to see drone after takeoff, and landing. During flight, think drone are approx 76 % "away" from my sight. Think by selfe, if all LED glow at same time (in the theory), this draws approximately 2.8Ah battery. Inset with short breaks, and a long pause for 2 minuter, it may look like a 1200mAhh battery can sustain 23 minute flight flashlight until landing occurs. Your summary of LED on / off was not easy for me to follow. I think when power ON, green LED flashes 300mS, short pause, then flashes green LED2 300 mS. Pause 5 seconds, then start this up again. RED suffered, ok these two can contain pattern from one code programming. They do both equally. Let's say a blink with duration 400mS, stay in for example. 5 seconds, then blink 400mS, and so on.
Give this some sense?