Yes, quite right the current would be a bit low, on reflection I thought 470R might be a bit low as that is a 0.5A limit and LEDs are a bit peak sensitive. I chose the high voltage version of the diode because they are cheap and because I didn't want a failure of the LED to ripple through and cause the failure of the diode (single fault safety principle & all that) but wasn't clever enough as failure of the diode will result in the LED popping.