Using shiftin() and shiftout() with the same circuit - what to consider?
I have a post here about using an I2C 16-port port-expander: http://www.gammon.com.au/forum/?id=10945

That would use 4 wires for I2C (power, ground, SDA, SCL) or there is an SPI version which would require an extra wire (power, ground, SCK, MOSI, MISO).

I'm not sure about noise over your cable runs, on a bicycle presumably electrical noise is low, so either one might suit. This is the chip that  Ignacio Vazquez-Abrams mentioned in his comments. Any of the 16 ports can be configured as inputs or outputs as you desire, plus it can raise an interrupt on a change on an input pin.

You might find that the maximum current limits for output may not be adequate for your LEDs (the datasheet says maximum of 25 mA per output pin, plus a maximum of 125 mA for the whole chip). You could work around this with driver transistors on the chip output, but this is more complexity.

There are higher-powered shift registers (eg. TPIC6B595) which can handle more per pin than the 74HC595.


  Can I use any pin I want? Or is it required to use specific pins?


If you want to use I2C there are two specific pins dedicated to the I2C hardware. If you want to use SPI there are dedicated hardware pins as well (different ones) but you can also "bit-bang" SPI if you want.

See: 

http://www.gammon.com.au/i2c

http://www.gammon.com.au/spi


  Is there a through-hole version of that?


All the chips I mention here have through-hole versions.