I think the most efficient way to do it would be to use the Serial node and send data as binary (using the Buffer object in a function)
That way you could setup the Arduino code to either read a full frame of data at once or set it to send a LED ID and the corresponding color.
Let's pretend you have 3 LEDs. Sending a full frame from Node-Red would imply creating a buffer:
new Buffer([255, 255, 255, 255, 0, 0, 0, 0, 255]);
In the above example the first led would be white, the second red and the last blue.
For the second option you would send an ID and the led coordinates:
new Buffer([33, 255, 255, 255]);
Led 33 would light up white.
On the arduino side you would need to look at the Serial.readBytes method.