I answered my own question by getting the MS Band. Works even better than a notification light and the Bluetooth range seems to be great
I just switched from a galaxy note 2 to the Icon. I relied pretty heavily on the notification light on my android phone to let me know when I had missed calls, texts, had a meeting reminder etc.
I didn't specifically test the range, but my Icon was in my office and I was in the kitchen getting notifications which is probably 25 feet away and passing through a couple walls.Cool! I was wondering about it's Bluetooth range, I was thinking of at least using one when I'm home.