Yes, just follow the circuit diagram and it should be fine.
Yes also to you LED has a positive and negative, how you identify is that if you observer closely, the LED is round but there is a little flat part, the flat part is the thick black line (the LED symbol), the other way to confirm is to solder wires to the LED then use a 9V (if yours is a 4.5V) then just tap to test if it lights up (of course positive to negative of the battery), in this way, you can confirm the setup.
Happy DIYing.