A/B Box Schematics & Pictures

Yeah, that diagram will work.. Bear in mind that the value of the resistor shown in the diagram will change depending on the colour of LED you use. As for how you know what colour takes what value, well, there's a formula but it's easier to do it by trial and error 'cause you can't get the specs of the LEDs you find at Sim Lim Tower.
 
tonepad's layouts are reliable.

rule of thumb for LED current limiting resistors. 4.7k is safe and won't blow anything.
 
Regarding the LED resistors, I like using the smallest possible value the LED can take. I find blindingly bright indicator LEDs amusing. Don't ask me why, though...
 
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