Just a follow up for the archives; distributor quoted me a price for the whole board $65 (it's one of the bigger boards). I checked the schematic, and it actually did list the p/n for the led. I was able to find that mouser.com had the part listed as discontinued, but the did carry the manufacturer's current p/n drop in replacement (cree SLV6A-FKB-CK1P1G1BB7R3R3). If you are willing to do the surface mount soldering, the led is $0.50 and as far as surface mount guess it's a pretty easy one to do. The circuit pads are very generous, and the leads on the part are reasonably long. Just get some tweezers and a decent soldering tip and you're good to go. All works great now, and brightness is a perfect match for the original part. I ordered some extras for my part stash since these leds often get replaced by newer models which may not be as good a color/brightness match as this one was.
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