I don't like light-bleed. The Flaretech switches use a third solution: SMD LED on the PCB but with black housing and a transparent lens for the light. Instead of a 3 mm high 3 mm wide rounded cylinder, the light comes out only through a pinprick at the top of the switch. All lightbleed is from reflections inside the keycap.
I wonder how difficult it would be to make a lens insert for SMD LEDs and Cherry MX or some clone. Perhaps the bottom would have to be translucent with the top being opaque.