I would think that your drive should be set to go into current limit correctly before cooking the motor, this is the normal way to protect the motor and drive.
Normally fusing is not used between drive and motor, only in the drive power supply.
The LED display you saw was probabally a Bar Graph Led unit, you can get these that incrementally change colour as they progress up, e.g. Green/yellow/red etc, these need other electronics like shift registers etc to complete a current display, I have not seen off the shelf meters of this type.
Al.
CNC, Mechatronics Integration and Custom Machine Design
“Logic will get you from A to B. Imagination will take you everywhere.”
Albert E.