Yes, the simpler the better.
The resistor inline with the led can be 47 ohms if your supply is 2.5V (example, two rechargeables).
Or 68 ohms if supply is 3V (example, two new alkalines).
This resistor is needed so you don't burn up the led.
If your supply is higher than 3V then you must use greater resistance.
The input resistor should be somewhere between 2.2k and 10k, depending on the volume coming from your player.
If this resistance is too low then it can cause distortion in your audio.
If too great then your led will not get bright enough even when audio volume is high.
You understand it is only possible for us to give ballpark figures, since we cannot know the operating parameters of your equipment.
It will be up to you to experiment with a range of values, to obtain the performance you want.