Hmm, I can envision a way using two buttons, say F5 and F6. Put the three LEDs on, for example, Aux1 (red led), Aux2 (White led) and Aux3 (green led) outputs. (Check your specific ESU decoder for powered vs logical output on each). Then, in Function Mapping, set Aux1 to “F5, not F6”, set Aux2 to “not F5, F6” and Aux 3 to “F5, F6”
I think one would have to create a “custom sound slot”, even though no sound is involved, to create a proper cycling on a single button. That would only work on a V4 or 5, not a Select.