Swanny
in addition to the great build I like your switch it is well incorporated!
we have multiphase LEDs that are no larger than a "jumbo" led inside our TIE costume chestboxes. I think the hole size needed for this is 3/16 inch or better.
They run off a 9V battery with a resistor in series to each LED. I am running two multiphase (red/blue/green alternating) and two steady (red white) LEDs off of one battery, and the bright white is the big power draw. When the white one starts getting dim after about 5 hours or so it's time to change batteries.
The mutliphase would be good for a display that would need to change constantly. I dont know if there are other color combinations out there, the circuit is all internal and looking at it I cannot tell it from any other clear domed LED.