Quoted from G-P-E:Size and reliabilty.
E.g. -- for the 230VDC you would need a resistor = (230 - 1.5) / 0.01 = 22K ohms... resistance would be no big deal. But the power dissipation would be (230 - 1.5) x 0.01 = 2.285W. A 5W resistor dissipating 2.285W would run hotter than hell. Then you have to factor in the tolerance on the 230V power to avoid burning the LED.
The solenoid voltage is bad as well... but not quite as bad. The spikes on that line would probably kill an LED quickly.
6.3VAC line -- you need to run the voltage through a rectifier and then add current limiting.
The 6.3VDC line -- again, very noisy line. I wouldn't trust that one either.
Only line that remains relatively stable and clean is the input to the 5V regulator --> the 12V line. That one is fairly safe for an LED for the long run.
All these little extras - they don't add much parts cost but they do add assembly time (cost) and take up valuable space on an already tight board.
Dammit, I have one of these LED type rectifiers in my F2K. There hasn't been enough game play on it to see any problems. I also have another in my spare parts and now afraid to use it. These were sold by Marco but no MFR name known. Would this hold true for the -54 board that also has status LED's? I can post a pic. Neither of these boards are available now and this could be why. Also I like how Andrew made the board with the side notches to mimick the original Bally.