Well you would have to go into your phone only profile, select blackberry alerts - set out of holster to none and in holster to none. Set it to tone if you want tone but no vibrate.
You will have to do this with all the profiles but default I think they are set to none in phone only.
LED will still work as it is independant of profile when you select "program controls LED". The LED will run all night though as there is no auto shutoff like the existing blackberry LED (after 10 minutes or so).