http://www.rimfirecentral.com/forums/showthread.php?t=310919&highlight=lci+eliminator+bpatza
bpatza over at rimfire central sells a filler piece for those who want to remove the Loaded chamber indicator, without leaving a hole in the side of the gun. They are pretty popular over there.
Thanks for the info! If I ever run across a super deal on a MK III, this might make it viable.