Eff me it works! Not bad sir! 8)
Yes, this is an overkill solution for 2 LEDs. But, as I said, it may end up driving several LEDs -- PCB indicator, front panel indicator -- which could be 1-6 LEDs by itself, and possibly another indicator on the other side of the door. Furthermore, it was a puzzle that may have any number of uses down the road. I just wanted to solve this, present application being merely a bonus.
Also, I had resigned to using OCR0A and OCR0B as opposite-phase drivers, with each pin having an NPN follower (to raise 5v->12v) and two MOSFETs for current amplification. This relieves one pin and two transistors. (Although I do need to go back and verify my switching regulator can sink current if need be. It can't. DOH!)