If all you are doing is alternately turning on 2 LEDs then this circuit is way, way overkill. I don't think you can find an inverter and a buffer in a single package, either. The FETs would have to be logic level capable anyway, so at least one gate is redundant.
I don't think nanosecond race conditions are visible to the human eye.
The replies you are getting cover a lot of territory because you didn't fully explain what you are doing.