Chris,
What I’m planing is to have one white , green and red LED which I will feed several 1mm or 0.5 mm fibres to location on the mast. This way I only require three LEDs to be wired to the power supply. I’ve also been working with a friend to 3D print a light box that will have four different colour LEDs and jump connection so it can run off either 6v or 12v. This option mean I don’t have to thread wires through the mast, also if a LED blows it can be easily replaced.
As you can see from HMS Quorn the fibre optics give a good light effect.