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switching power supply on/off with 0v

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clintw

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I bought some bicolor leds that I planned on using as indicators for a plc. my problem is that the output card on my plc outputs 0v and the 3 lead leds have a common cathode. I was planning on using a LM317AT voltage regulator and 2 resisters to step the voltage down to 3v. so my question is can I leave 0v to the led cathode on all the time, and +24 to the voltage regulator on all the time, and switch 0v between 2 voltage regulators with the plc to turn red/green on?
 

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