The short answer is no. This LED is used to indicate that power is applied and by the BIOS to signal that specific issues have occurred (i.e. blink codes).
I can suggest an alternative. There are a number of third-party applications available that can provide an indication of HDD activity in the Windows System Tray. To find some of these, do an internet search using "hdd access system tray application"...
Hope this helps,
It would be nice if this feature is incorporated in the following BIOS
I second that. I really miss an HDD LED on the 7KYK. A systray app is not really a substitute as I sometimes need to check HDD activity when booting, in Linux or when the system has hung (to see whether it is halfway safe to hard power off). Being able to configure the power LED as additional HDD activity LED would be awesome.