It's easy enough to replace the lamp with an LED but to do what I did you'll need some sort of status output on your turbo timer. Although I've sinced learned turbo timers existed back in 1987 when I bought the car new I couldn't find one so I designed and built one from scratch. Activated by the headlight washer switch and cancelled by the high beams, it has an output custom made to flash the igniton ring while generating a short audio tone at the same time. None of this was needed to make the timer work but it does look nice, especially at night.
If your off the shelf timer does have an output you do can do the same thing one of two ways. Either run a separate high brightness (2000 mcd or higher) LED to the igniton ring or use a dual red/green to serve both functions. In either case place a 500-600 ohm 1/4 watt resistor in the LED's cathode to limit the current. If using a dual LED hook one anode to the key illumination connection and the other to your timer's output. If your timer doesn't have an output you could open it up and pick the signal off the relay coil.
My car also has several other more simple electrical mods on it. Seat belt/starter interlock with override, strobed CHMSL, boost/AC compressor interlock, pre-oiler, after shut down cooling fans and a few others. A typical engineer, I couldn't stop messing with the car for years after I bought it.