LEDs are current sensitive, so Razer could simply be limiting the current to the LEDs, rather than trying to limit voltage. That actually makes more sense to me, since LEDs can exhibit markedly different current draws at the same voltage. Something to do with flaws across the semiconductor layers.
If that's the case, you could swap in pretty much any color LED you like, since the current across each will stay the same. I'd definitely test it out first, though - much easier to desolder one red LED than a board's worth.
BTW, I'm typing this on a BWU (hey, it was on sale, and I really wanted the option of illuminated keys. Very happy with it so far.)