Well, the LED's actually create some resistance as well (my actual measured current on a 25mA LED with a 220 ohm resistor was 10mA). With a 100, it was 27mA at 4.45V (driven by a wall wart), which worked out to 120mW. For a homebrew mod that's probably already overdriving a switch by a factor of 5+, being right at the margin of your resistor's rating isn't really going to do much. On the other hand, unless you're *really* hurting for space, there's no reason not to use the larger resistor, either.
--Dave