That's basically my plan when I rebuild my personal ESB Graflex. I originally made my own chassis, and used a Lux V and Petit Crouton, because those were the best things around at the time, when you couldn't get your hands on a Crystal Focus.
So, now I've got a CF V8 waiting, and I was having trouble deciding whether to do the single cell hack. From what I hear, it doesn't degrade the sound quality all that much. Correct me if I'm wrong.
As for the LED, I was thinking a tri-cree BGW, to try and get that nice cyan color. Not sure if this is best decision, or if anyone has gone that route before.