NO, that is the wrong way to go. HDD is important (especially if you have an SSD) because it shows when it's being accessed, Wifi is even
more important because you're communicating over the network when that one activates, and if it's doing so without any reason to then you should suspect something going on (like malware infection). Ditto for BlueTooth. If they're implemented well, hardware indicators are impossible to fake.
One of my biggest gripes is how MS removed in Win7 the little connection icon in the system tray that shows when data is sent/received (it even split send/recv into two separate indicators, rather clever I think.) IMHO the trend of "simplification" is going too far. How about educating the users instead of making them more ignorant by hiding anything that they "wouldn't know about" (and making it harder for them to even start wondering about - and thus possibly learning)?