Uh, yeah. The power it takes to flash a low-power indicator LED for 250ms per 5000 is peanuts relative to the power than the micoprocessor and transceiver consume. It just amounts to whether or not you want that LED to blink whenever you're on your home turf, roaming, out of range, etc.
I imagine you'll get greater runtime variation from the charger topping off the bettery by +/- 0.1% every charge.