The basic concept is correct on choosing the red or blue lights; however, LED lights emit a specific frequency and the chlorophyll likewise requires a narrow range of visible light to perform its function. It is unlikely those LED are at the right spectrum. Also, there's no telling how strong they are. They may or may not be strong enough.

Oh, I found something... If you look at the updates on his page he says the design yielded very leggy seedlings. After adding more lights it was still leggy. If I have learned anything from the experts I have had the pleasure to learn from, once the seedlings are leggy you have some serious problems with the plant's development. Maybe not important to a hobbyist, but the commercial implications are vast...