No I decided to forgo this option and went with a 3 volt (battery) solution & a switch instead.

My original idea was prompted by the local electronics shop (JayCar) selling a small LED bezel with integral Red LED rated for connection to 240 Volts - my question was asking how do they fit whatever they require to make it 240 Volts 'safe' in such a small package [or maybe its not really safe - in which case why are they selling these things at all?].

The Bezel itself is big enough to hold a 3mm LED and little else - the anode and cathode leads are both insulated of course.