If I'm not mistaken, IO like the LEDs, Serial Ports, etc. are already open drain and the pull-ups pull the signal high while the HW drives it low (i.e. never drives high, but floats the output pad leaving the pull-up to pull the line high).
I will need to check with the team to confirm that all of the IO is open drain.
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> Would the following workaround accomplish open-drain functionality?
Yes, this will work, though you might want to disable both input and output for high-Z.