Thanks @FluffyBunnykins! :)
Yes, there is - it should have been in fact like that. Here is what you do:
0. Go to the Signal Logic in the ship's control panel
1. Change the Delay circuit MHF3-delay-MHF4 to MHF2-delay-MHF4.
2. Remove the OR circuit (MFT-or-MHF4)-MHFL
3. Add an XOR circuit (MFT-xor-MHF4)-MHFL
4. Check that the Alarms are programmed to follow MHFL

The game may refuse to create the XOR circuit and keep defaulting to (MFT-xor-MHF4)-Sig00X - if it does, just call it MHFL2 instead of MHFL and make the alarm lights follow this new signal.

To reprogram the lights themselves either find them in the device list - they are called Warning Light (Alarm). Or run up to each one and press P, then move to the Devices Tab and the warning light you've selected will get selected.

Lastly - should probably scrap the Warning Light on the ceiling in the Marine Quarters (Deck 3, rear port side).

Fantastic Ship! Is there a way to make the alarm stop after a certain amount of time? It's sensory overload

Hope you enjoy flying it, SteeleBorne!

MCI xD incredible.
I've been waiting years for this to release SC so i cant tell you enough how appreciated this BP is.

Thanks you Nektraal - you guys proved to be excellent alpha testers and probably know this ship better than anyone including myself XD - so I appreciate your kind words extra!

My wife is happy, so am I!
Nice profile with a great view from the bridge. Its the first ship for me I most time fly from inside. There is a central corridor through the whole ship from the bow to the stern. The LCDs are great and support the view from the pilot seat, because the important functions in combat are shown while flying the ship. The big hangar for all kind of HV's and SV's supports this multi role ship, and stores our 6 vessels with enough space between them. There are also enough container for item sorting. We use the Polaris as an all in one ship for exploration, with turret support in the early game. It carries all our vehicles and stuff. The entrance near the bridge makes it great for a quick in and out, and its a very nice ship for our duo co-op play. Its armour is nice when the shield gets down too quick.