Haven't seen my RRnet in years since I stuck it all in a cartridge case with the MMC Replay, but it definitely sounds doable. I might even try crushing the plastic off of the LEDs with a vicegrip and just reusing the metal left behind as terminals, if I couldn't find my soldering iron and the wires looked long enough.
edit: on second thought, that activity might stress the connections at the board and pull up a trace or something...
