I have a circuit that should do what you want. It has daylight-visible LEDs on a detachable module. In my application it tells battery charge status by LED color, then the LED goes out after takeoff so's not to annoy judges and comes back on to tell me when the kill loop is armed. It gets mode transition data from a TUT, but could use the gear retraction signal. Here's simplified logic:
Red LED on if (Vbattery < threshold voltage) AND (red-LED discrete ≠ 5V)
Green LED on if (Vbattery > threshold voltage) OR ((green-LED discrete not grounded) AND (pull up = 5V))
Threshold voltage depends on how many cells your battery has. There are some other electrical details to establish, like what the retraction signal is and whether the timer and battery have a common ground.