I2C and LED on the same pin is possible? at the same time

Projects General Guidance
1

I have esp8266 (ESP8266 - Wikipedia) , 16x2 lcd with i2c and LED. I can connect lcd via i2c to GPIO-O and GPI0-2 pins. Can i use GPIO-2 pin also for LED?

I want to be able change GPIO-2 state between HIGH and LOW while i'm sending text to lcd via i2c

2

I'm going to say NO.

You can put a Port Expander on the I2C bus and use that to add more pins, if you have run out.