If your lighting setup causes drivers to be confused as to what you are (a cyclist), what direction you are going in, and what speed you are traveling at, then you aren't helping yourself. Put another way, if they can see you but can't understand what they are seeing then expect confused behavior on their end.
Personally, I would go with multiple ready lights on steady, and one very bight flashing rear light. For the front, one very bright flashing light and one light on steady (only when it's dark) to help light the road. YMMV