(From the same post)
A friend of mine got this from the coast guard
I am assuming that the BOW light you are referring to is a red and green combination light mounted on the bow. If this assumption is correct, there is no restriction on changing this combination light for individual red and green lights mounted on the rub rail as long as the lights are properly mounted and the overall white light remains one meter higher than the newly installed lights.
Phil Cappel
Chief, Recreational Boating Product Assurance Branch (CG-54223)
Office of Auxiliary and Boating Safety, United States Coast Guard
Phone: (202) 372-1076 Fax: (202) 372-1908
As far as visibility goes, LED's typically burn brighter than incandescent lights, so I would think they would be able to be seen farther.
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1987 V20 w/1987 150HP Yamaha on a Shoreland'r Trailer
1978 16.5 Airslot w/1996 120HP Force on a Four Winns trailer
1996 V21 w/1993 200HP Mercury on a Shoreline Trailer
All towed by a 5.7L Hemi Durango.
If God didn't have a purpose for us we wouldn't be here, so
Live simply, Love generously, Care deeply, Speak kindly.
(Leave the rest to God) 
Silence, in the face of evil, is itself evil. Not to speak is to speak, not to act is to act. God will not hold us guiltless.
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