The only issue with using alarms is that you will get the alarm message at the bottom of the screen.
You can also do it in User Conditions by doing the following:
Condition 1 = "GP Percent 1" <= 5% AND "GP Percent 1" > 2%
Condition 2 = "GP Percent 1" <= 2%
Then in the SLM setup configure the same LED for each Condition channel and make the "Condition 2" channel flash.