In regards to complexity, most RGB led’s (at least the ones I have worked with) are actuly 3 LEDs (4 for RGBW) that get pulsed on and of in turn. That combined with the need to store config that effects the led would almost certainly require a custom chip.
When I was thinking about it originally (for my tattoo project) I was not thinking dual frequency but if it did yeah, communication protocol but coils for power might work (especially if it is a custom chip)?