Yes, but first you're going to have to get software onto the machine that is airgapped, which of course can only be done with hands-on access. Add to the fact that you'll also need line of sight of the flashing LEDs so you can monitor them, not to mention that any regular user of the machine would have to be blind not to notice them flashing more than normal, and you've got a pretty useless spy system.
As a proof of concept it's interesting, but as a practical device ................... well let's just say it needs some work.