With the 7931, if speed dials are configured for the bottons, is their a way to see presence status without looking user/phone up via lookup? For example, does the light blink red if the speed dial-contact phone line is busy?
This is possible for sure;
The feature you need DSS/BLF is available in CCM 5.x (and later) as well as CME.
Unfortunately, not in any earlier versions of CCM. So you have the either/or choice that you have seen. Eitherconfigure the Button as a Shared Line (to see the status) or as a Speeddial for quick Transfers :(
In CCM 5.x this is a traditional BLF (Busy Lamp Field) which is used to monitor On/Off Hook, Busy/Idle conditions on users phones, as well as having a Speeddial functionality for fast dialing and Transfers.These keys can't be used to answer actual calls.
Cisco Unified CallManager Speed Dial Presence
Cisco Unified CallManager supports the ability for a speed dial to have presence capabilities via a busy lamp field (BLF) speed dial. BLF speed dials work as both a speed dial and a presence indicator.Only the system administrator can configure a BLF speed dial; a system user is not allowed to configure a BLF speed dial.
For CME the feature is called DSS/BLF (direct station select/busy lamp field) where you have basically a speed-dial button that also lights up when the person is on the phone.
Hope this helps!