Well it turns out that an LED will work!
Installed a 5mm ultra bright led yesterday, and the electronics side of the deck all work great.
The 5mm LED was very tight to fit, I had to shave down the flange at the end, so there was a flat on both sides of the LED, but it works great.
Anyway, another problem:
When playing a disc that is warped slightly, the arm doesn't follow the disc up and down - the cantelever of the stylus is! Luckily, i'm not using a decent cartridge or disc so far.
There is a thin brass coloured shaft, which it appears that the arm balances upon. I tried lubricating this with a sewing machine type oil, but i'm not sure which part of the shaft to lubricate - the end opposite the tracking force adjustment, or directly under the arm? Could the spring to do with the force adjustment have something to do with the problem?
Finally, what do people use instead of tool 3624009 for making sure the arms are tracking correctly?