gunrunnerjohn posted:Why not use a simple regulator circuit to power it?
Well, if you're going to let the regulators in the front door, why not the similarly priced LM317 as current regulator rather than the 78L05 voltage regulator? Same number of parts (diode, capacitor, regulator, resistor)...but in this case the resistor directly sets the regulated current level. For example, a common 47 ohm resistor would set the current to ~25 mA; note the LTE-302 IR LED is rated for 50 mA continuous output so can be driven harder than the 20 mA usually associated with driving visible LEDs.
Then you don't have to fuss with resistor-calculators if driving an LED from a voltage source such as the 5V 78L05 voltage regulator. It's the current you're trying to regulate/control when driving an LED.
In fact, there's a clever LED module from Henning's Trains that converts AC-to-DC and uses the LM317 to regulate the current into LEDs. You may have heard of it (sorry, couldn't resist) ...