As a datapoint for Corsair if they are reading, I seem to have fixed 3 of the 4 faulty red LEDs on my stick. So far, they have been working for 2 days straight with no faults, previously I could only get a few seconds or minutes by pressing on the diffuser.
I completely dismantled the faulty stick, including removing flex PCB which carries the LEDs from the main RAM stick, and the diffuser from the flexible PCB. Using a heat gun, I carefully heated up the flexible PCB to reflow the solder. This is an extreme fix that I would not recommend as it voids your warranty, but interesting nonetheless.
EDIT: Trying to fix the last faulty LED resulted in making it all worse, at least I seem to be on the right track... but after the less than sucessful second attempt it shows this "fix" is more of a gamble.