Hi health,
for this long time period you must choose a CMOS version of the timer circuit (TLC7555).
For part A (monostable) select 1.5MΩ for R1 and 100µF for C1. This will give a time delay of 164 seconds.
For part B (astable, flashing LED) select 270KΩ for R1, 560KΩ for R2 (misprint in the schematic, both labelled R1). R2 is the resistor between pins 6 and 7. For C1 select 1µF. The flashing frequency will be 1.038Hz at a duty cycle of ~60%, on time is longer than off time.
Do not use an NE555 for the circuit. It won't work for the monostable MVV.
To calculate the current limiting resistor for the LED use this formula: RV=(+UB-UF)/IF, where +UB is the supply voltage, UF is LED forward voltage (1.8V for red, 2.4V for green and orange), IF is the LED forward current (normally 20mA). In the calculation use voltage in V, current in A.
Boncuk