Driving bicolor LED from one I/O via 74HC595 shift register

Wawa:
Addressable LEDs would be simple, and a lot cheaper.
Leo..

But I don't want addressable LED's ! Well I thought I didn't until I just went searching !!! I can get 5mm addressable LEDs with the WS2812 IC built in ! Problem is, I need 3mm LED's to fit the control panel.

These LED's are pretty cool !