If you want underglow instead of backlit caps, just install the LEDs upside down.
The phantom pcb does support in-switch led?
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I could be wrong but I think it does, but you have to work for it. Has pads, but not traced out from the controller.
No the Phantom PCB doesn't have in switch led anything, not even holes in the PCB.
The phantom only has caps lock and scroll lock and supports filco style notification LEDs.
The JD40 had traces and holes but not wired to controller.
Having said all that Google for backlit phantom and you'll find a mod done, I posted a link below in another post.
Never say never because some are crazy enough to mod about anything into a keyboard.