If you go RGB LED, a slip ring is highly recommended so you don't twist the wires to the breaking point. 
Have you used one? I have, doesn't really help worth a crap. The best solution I've seen for LED sticks is the audio jack connector.
Actually, I've just read about others who have had success with it and one or two people who ended up damaging their wiring without.
TheShaner mentions a problem with his wires twisting
here on his Alien Abduction build.
He ordered some slip rings for it and I don't remember hearing about any problems from him.

Bryan's video seemed pretty convincing IMHO, but the details on how you incorporate it into your build could make a big difference in how well it works.
A stereo audio connector -- L, R, and ground -- would be great for a single color LED or two colors, but wouldn't it be one short on conductors for R, G, B, and ground or are you using the shaft for the ground?
Scott