Only catch with your solution Chris, is that you need double the number of LEDs for the same functionality.
i.e. If due to space constraints you're limited to a circuit board which can hold 50 LEDs max, your design would have 25 LEDs for the brake light, and 25 for the tail.
My suggestion would have all 50 work for both the tail & brake functions. Given the relatively narrow field of view for LED output, I'll take 50 over 25 for important stuff like brake lights.
Been there, done that with a custom LED insert on one of our motorcycles. There's a
huge visual difference to following drivers between a small count of LEDs and a larger one.