Hi,

For my last project I have used the LP2950. (TO-92 Plastic Package).

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National Semiconductor Corporation

The LP2950 and LP2951 are micropower voltage regulators
with very low quiescent current (75 µA typ.) and very low
dropout voltage (typ. 40 mV at light loads and 380 mV at
100 mA). They are ideally suited for use in battery-powered
systems. Furthermore, the quiescent current of the LP2950/
LP2951 increases only slightly in dropout, prolonging battery
life.

http://www.national.com/pf/LP/LP2950.html
http://cache.national.com/ds/LP/LP2950.pdf

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For the LED, remember that a short flash will be
enough because of the "persistence of vision" of
the retina.

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Luciano