@f3ad697a I can see a possible issue with this solution though: If the PWM MOSFET has a low-impedance driver and is doing very hard edges, when it switches from off to on, the channel MOSFET's gates will momentarily stay at their old voltage, since they are driven low through high-impedance resistors to the common node, while their sources dive low along with the common node. This leads to a momentary positive V_GS that could possibly turn them on for a bit. 

 @f3ad697a One last thing I can imagine would be that when the three loads have different voltage drop, like RGB LEDs, then while the PWM is turned off, I can see some of the body diodes potentially be forward-biased momentarily. At PWM speeds below RF that shouldn't matter though. 

 @7f73a7d1 in this case they're all the same LED, so should be fine, but that is a good point.