Mmm, I don't know that's the best analogy. Buoys are used to designate safe passage due to those areas being regularly dredged to a certain depth or greater. Space...doesn't have that problem.
That being said, blinking lights towards openings for landings and away from openings for takeoff would be useful for visual traffic control.
As for HUD vs. actual lights, I think both are good to have. Redundancy is a thing, plus you would want traders and such who don't have your station stored to know where they are going.