Just thinking "outside the square" for a moment.
You have an output that goes high, stays high for a fixed period, then goes low for a variable period yes? The shorter the "low" period, the higher the dump rate.
Conceptually, then, a fairly simple counter could be used.
Reset on the falling edge, gate the count pulses while the output is low.
If you used something like a 4017, you could drive one-of-(n) LEDs.
If you don't put a led on the last output, when the "low" interval is too long, there will be no LEDs lit. Its then just a matter of picking a suitable clock speed to scale your LEDs to the dump rate.
Just my 2c worth.