Well I couldn't have simply stated that I wanted to drive 1 LED off of mains as the title and hoped to have survived! 
LOL
It's trite, but I have a device that takes a red colored small based bulb which I am having a hard time locating. I thought instead, with some of my new knowledge, why not upgrade from incandescent to LED?!

XC1 is X rated cap with equivalent resistance of about 5.6k Ω.
The scope is of voltage across D3 (LED) and power through it.
1. When you have a sine wave like below, do you average it out?
2. Would I expect to see an average of about 8mA?

This is the readout across and through R1.
3. Would I have to account for both swings of potential in my equation for power? 20V or 10V?
I am leaning towards simply P=10*0.02
4. Could I include a pot to adjust brightness?
Thanks for your help in advance!

LOL
It's trite, but I have a device that takes a red colored small based bulb which I am having a hard time locating. I thought instead, with some of my new knowledge, why not upgrade from incandescent to LED?!
XC1 is X rated cap with equivalent resistance of about 5.6k Ω.
The scope is of voltage across D3 (LED) and power through it.
1. When you have a sine wave like below, do you average it out?
2. Would I expect to see an average of about 8mA?

This is the readout across and through R1.
3. Would I have to account for both swings of potential in my equation for power? 20V or 10V?
I am leaning towards simply P=10*0.02
4. Could I include a pot to adjust brightness?
Thanks for your help in advance!
