Yes, basically...I bought a moped handgrip from electricscooterparts.com and it has a headlight switch, horn and signal switch. I wired the signal flasher into both sides, since only one side is going at a time. The wiring is a mess, but I've sealed and siliconed it since then. I'd like the back LED to serve as a brake eventually. I'm thinking of designing another system that uses two red lights as both brakes and signals, like a car. You could accomplish this with a 3 way toggle switch mounted on the handlebars. I don't know how to draw a wiring diagram, or I'd do it for you.
The signals have to be regular halogen lights or the system won't flash with a regular flasher. An electronic flasher is available, but costs more.