Lots of ThinkPads have «Microphone is muted» LED. Not exactly what's requested (and is bound to a software mute/unmute shortcut), but it's better than nothing regarding state of machine being observable with a quick glance.
echo 1 | sudo tee /sys/devices/platform/thinkpad_acpi/leds/platform\:\:micmute/brightness
is enough to turn the LED on without muting the mic.