Yes, on the STM32L011K4 you can use the RCC_OSC32_xx pins as an alternative as GPIO as with any other pin. Of course, the LSE is then no longer available and you have to select a different clock source (HSE, HSI, MSI).
But it is also possible to drive two LEDs with one pin only, if you connect one LED towards VDD and the other towards GND. The GPIO can drive the same current to either VDD or GND and disabling the pin (e.g. by changing from GPIO_Out to GPIO_In) would turn off both LEDs. The only restriction: only one LED can be switched on at a time.
Good luck!
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/Peter