I did this as a DIY mod last year, but not for power draw issues. I used a single pole, double throw switch and wired it in with the thermo switch. I use it to get ahead of the temperature curve and keep the engine from building as much heat when I know I'm going to be idling or riding very slowly. Then when I get going I can switch it off a while and then when things stabilize switch it back to normal mode. If I do get in to the 230+ degree range, as soon as I get moving at 30 to 35 mph I switch the fan off and the temp comes down more rapidly without the fan fighting the airflow. I had purchased a VTR fan blade to make that swap, but having installed this switch I'm not sure I will - this works very well - better than I expected. Since I installed this I've had no temperature issues at all.
What was suggested in the OP, an indicator light, would be very helpful. I tried to source a waterproof rocker switch that was illuminated, but couldn't fine one small enough to fit on my 6th gen where I wanted it. I'm accustomed to keeping up on switch configs, but on one occasion I forgot what "mode" it was in, and some sort of indicator, maybe a red and green LED (red = "no fan" and green = "fan operating" or similar) on the cockpit panel or something would be quite helpful. I positioned the switch on the left inner upper cowl panel next to the tank - though that's where the front ABS pump resides on a 6th gen, and getting a switch in there was tight. For non-ABS bikes there would be plenty of room in that location.