Sorry-I should have thought of that. I think I made VR2 variable to be able to adjust the brightness of the indicator LED, but it really is overkill. A fixed 1k-4.7k should be fine for VR2.
I haven't burned out the LEDs (yet), but a small resistor in series with VR3 is a good idea. Just make sure you still have enough light to activate LDR1.