All three lights on at once. Unfortunately I looks like I soldered the cassette motor LED back on a bit too close to the board, so it doesn't emerge from the hole as it should.
In fact, Station 128's lid is pretty loose fitting, because I have the 8271 in a ZIF socket which angles the keyboard slightly higher. Most likely the LEDs would look all right if the lid was screwed on, but that's never going to happen.