There doesn't seem to be a wiring diagram for V2 but on the V1 diagram i'm seeing four LEDs in series with just a 5ohm resistor running off 12V. This will run the LEDs at ~240mA which is far, far too much!
It also leaves very little margin for error with regard to supply voltage. Assuming about 2.7V drop across each of the four LEDs that leaves only 12V - 4*2.7V = 1.2V across the resistor. A small fluctuation in supply voltage will dramatically change the current through the LEDs.
With a good stable 12V something like 120ohms (for 10mA) would be better for 4 LEDs. Or three LEDs in series with around 390ohms. I'm not sure what the built-in LEDs on the recommended switches are rated at so i'd be conservative. (I have not tested this for sufficient brightness, will do when i get to that stage in my build)
I think the current design is a recipe for blown LEDs or at least shortened lifespan of the LEDs.
Disclaimer: I'm not an electronics expert but this is to the best of my knowledge regarding driving LEDs.