Actually, there ARE some issues.Sgt,
if the application is for normally on and short durations of LED off, it should be little issue.
Our OP stated that they are using LEDs rated for 12v operation. I'm assuming that they have intrinsic current regulation or embedded resistors.
In order to implement your suggestion, they would have to add another resistor in series with their ready-to-run 12v LED. If it had intrinsic current regulation, that could work out just fine. If it had an embedded resistor, it would be much less bright than if it were operating on it's own.
When you shunt around the LED, the current through the limiting resistor will increase a great deal, because you've removed the Vf of the LED from the loop. The resistor would need to be rated for the additional power dissipation so as to not burn up.