I'm only following part of your logic. I don't follow the LED vF=3x signal diode. I have not seen LEDs with Vf that high in a long time.
For kicks, I just finished breadboarding the circuit. I inserted the LED between the pin 1 and diode. Measuring the voltage at pin 1, with the LED is 1.05,V, without the LED is 1.08V. With only a 30mV Vf on the LED, I should probably be worried about the Vf of the 1N4148 reintroducing too much voltage and blowing the opto. I also measure the output voltage (pin 5) and there was almost 300mV difference between with and without the LED.