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The smooth or shape pot should audibly blend between a squarewave/on-off trem and a triangle-ish sound, and on the way pass through a slightly rounded 'sort of sine wave' in the middle. It is much easier to tell if it's working at the slowest speed, where the indicator LED will switch on and off completely at the square wave end of the pot, and the ramp-up and ramp-down become progressively more obvious and longer as you move the pot towards the triangle wave end.
The indicator LED is hooked up across the top one of two resistors that form a V/2 voltage divider on the LFO output: This means that the LED is powered by the voltage difference of consistently half the LFO opamp's output voltage. In this way, the indicator LED can visually articulate the wave shape (i.e. square or triangle) and this LED's brightness is not affected by the depth pot setting. Because it is independent of the depth pot, changing the resistor values may affect the "visualisation" (although the 2 x 1k specified should work fine with any LED) but cannot affect how the smooth pot works. If your resistors are not actually both 1k (e.g. if one was 10 ohms instead) this might possibly mess with the LFO output, worth checking but seems unlikely.
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