You could... but the current limit is very low and there would be the potential of putting clicks on the recording when switching the light on and off through impulse noise on the phantom supply breaking through into some mics. Unlikely, but possible...
A very simple solution which I've used for decades is a small control box with a couple of lever switches to activate a red recording light or a green cue light. The switch for the red light latches on, while the green light switch is momentary. And only one light can be on at a time!
My usual practice is to latch the red on when I'm running to record, and then I flick the green when I want the performers to start.
Inside the control box are a couple of 9V batteries, red and green indicator LEDs and a current limiting resistor. An even smaller box is mounted on a mic stand in front of the conductor in the studio with two bright LEDs.
The two are connected via standard mic cables, although I use reversed XLR sexes to prevent the risk of accidentally plugging a dynamic mic in and bu**ering it up with DC! Nevertheless, the system can be connected through a multicore without causing interference if necessary (and with the appropriate gender-adapters... Personally, I use a dedicated three-channel 50m multicore that also feeds a talkback speaker and provides a private phone line connection.
If you don't need the cue (green) light option just, delete the switch, second battery and both green LEDs. This version runs the LEDs at around 15mA... but there are brighter and much more efficient LEDs around these days, so adjust the current limiting resistors accordingly.