A few things, 1st you'll find it's the quality of light, not the quantity that we prefer about incans. A 200 lumen LED with a blue tint will not provide nearly the quality of light of an incan operating at 100 lumens. And lumens ratings are highly subjective unless you are using a calibrated integrating sphere. I really can't recommend LED lights for aircraft inspections, because they don't quite provide the 3 dimensional view that an incan provides. They give a flatter 2D output and this tends to make you miss minor details. I will say the newer LED's, especially the HCRI ones are much better in this respect, but still not in the same league as a good xenon-halogen incan.
The reason red LED's are recommended is to protect your night vision. Red light will not destroy your night vision nearly as quickly as green or blue LEDs. Red light is recommended for aviators, anyone doing night ops, and astronomers, basically anything you do at night and don't want to be blinded for a half hour every time you need a light. Last time I rode in a Blackhawk a little over a month ago I had my red A2 with me, but it was daytime. Just in case, you never know! LoL. I always have at least one light on me.
One other thing, I can't believe people are still recommending RCR's over IMR16340's to run incan or high powered LED lights. What is this, 2005? IMR's are way better in that size class.