Don't put the LEDs in series.
You may get away with LED and series resistor in parallel with the target input, but you are far better off by buffering the LED from the buss.
That could be a small transistor, or a hex/octal buffer in a chip.
If the simple LED in parallel works, the two things you need to be aware of are maintaining the 0/1 voltage swing, and stray capacitance that could slow down the edges (if they are fast).
Good luck. Good question.
EDIT: (Sorry David AVD, not trying to counter your simultaneous posting!)