There is quite a lot of information about LED grow lights. The Red and Blue combination make a "magenta" color that is supposed to be optimal for growth.
from what I have seen, they are built with a ratio of 3 red led's to 1 blue led. I have found several sources for bulk led's and am considering building one of my own. That way, I can build it in the size and shape best suited for my set up.
When looking at buying led's, remember that there are different degrees of light dispersion. something in the 30 to 45 degree would just about be right. That being the case, being closer to the plant won't help. You need to have it at a distance that the "cone" covers the entire area or it won't be he "magenta" color.