Booleans can have a "value" which is True or False. They also have a "colors" property so you can change what the False and True colors actually are. If you only want 2 different colors, you will probably just want to change the value.
How you implement the timing is up to you. You can set the value to True, add a "Wait (ms)" VI with a value of something like 750ms, and then set the value to False.