I'm a dummy when it comes to EL, I didn't know there were separate switch leads for the inverter. However, if you add a second switch where I indicated anyway, you'll have your master kill switch in addition to the on/off switch, which will make that power LED useful.
If you leave out the LED on the battery side, you don't need the resistor on that side, but I think you still need the one for the mono jack? Don't take my word for it, though, someone more knowledgeable in EL might have a different answer.
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