It may seem a bit silly, but consider that a blue LED has a forward voltage drop of about 3.3v, and a red is about 1.8v.
A blue and red in series would be near 5v.
You could use a blue/red series string as a clamp. Use two of these strings in "reverse parallel" in place of the series pair zeners and you would have an approx. 5v bipolarity clamp.
Just to be clear, you would be using this for the forward voltage drop, and not the reverse "zener action".
In the circuit you showed, there should not be enough current to overdrive the LEDs, due to the 1K from the 741 output.
If you don't have blue, three reds would be about 5.4v
I probably wouldn't want this in production, but in a pinch for a prototype, it is OK.