Regarding the LED you should check out this thread…
As for the CEC issue I really don’t know what EDID (ie which display modes are supported) has to do with it. Often CEC can be fixed with powering off the display and any connected AVR/soundbar from the wall for a few seconds. This resets the CEC bus which can sometimes get a bit confused with device assignments.
Additionally, the Vero, like most devices of its type, are designed around being powered on all the time. The power use at idle should be quite low.