Is there a way through the use of the standard BB profiles options a BB Alerts to assign a different LED notification for certain phone numbers? For example, I would like to set up an exception for friends so that if I miss a call from a friend, the LED reminder will flash a differnent color than from all other missed calls. Does anyone know if this is possible?

I don't think that is possible.

If it is possible, it would be through some variation of the exceptions/profiles, see the FAQ site for "How can I personalize my alerts from specific contacts?"