In the v2.0.x firmware, the only time fp:reset is lit is momentarily when bmcd is shutting down. In the v1.0 firmware, fp:reset was flashed several times by bmc as it was shutting down. fp:sys could be flashed in the same way.
Thinking about the TPiv2 from a subsystem function perspective, fp:sys should be used to indicate BMC activity and status by bmcd and BMC-installer. fp:reset (typically used by x86 systems to indicate storage peripheral activity) should be used by bmcd to indicate operations involving compute nodes, which are technically "peripherals". I do realize that two LEDs can't provide a lot of information.
The TPiv2.5 will support a small display+button input device that is being developed. An even slicker option would be a small touch screen. For reference, see what Ubiquiti is doing with the UniFi Express Cloud Gateway.