Raj,
Here are my thoughts. Why not have the multi color LEDs do RED and White that way you get the Brake light and Reverse light. i.e. Have your controller pull the signal from the Brake lights and Have it also pull the signal from the reverse lights. Well lets call it Sequence A and Sequence B. When the controller receives a signal from source "Brakes" it runs Sequence A but when the controller receives a signal from source "reverse" it runs Sequence B.
By Doing this you could have several modes including a show mode giving you the best of all worlds.
trust me I already had plans to do something like this and talked to an electrician
we were planing to animate the tail lights along with my headlights.